Joined Nov 11, 2007
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Emerging Markets Follow China Stocks on Property Rally

“Emerging-market stocks climbed the most in four weeks, paring monthly declines, as China Vanke Co.’s (000002) better-than-estimated earnings sparked a rally in developers and manufacturing confidence in South Korea improved.

Vanke, China’s biggest developer, surged the most in five weeks in Shenzhen after saying net income rose 30 percent last year. SK Hynix Inc. (000660) increased 1 percent in Seoul and the won rose to a one-week high. Arabtec Holding Co. (ARTC) tumbled the most in 11 months in Dubai after profit missed estimates. Indian (SENSEX) stocks erased earlier gains after the nation’s annual budget failed to meet investors’ expectations.

The MSCI Emerging Markets Index (MXEF) added 0.7 percent to 1,054.15 at 5:22 p.m. in Hong Kong, trimming this month’s drop to 1.4 percent. The gauge is headed for its largest monthly loss since May. Orders for U.S. durable goods excluding transportation gear rose in January by the most in a year, while pending home sales increased more than forecast, data showed yesterday. South Korean manufacturers’ confidence for March climbed to the highest level since July, data showed today….”

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