“Emerging-market stocks advanced for the first time in four days as a stronger yen boosted exporters, offsetting the biggest drop in Chinese shares in three weeks and a slide in Russian commodity producers.
LG Electronics Inc. (066570), which got 22 percent of its 2012 revenue from North America, rose the most in a month in Seoul. Hyundai Motor Co. (005380) added 2.7 percent as an appreciating yen eased concerns about a loss of competitiveness to Japanese rivals. Emaar Properties PJSC surged 3.1 percent, helping lift Dubai’s benchmark index to the highest since October 2009 as the real estate market outlook improved. OAO Severstal, a Russian steelmaker, fell for a third day as industrial metals declined on concern Chinese demand may weaken.
The MSCI Emerging Markets Index rose 0.1 percent to 1,043.23 as of 12:50 p.m. in London. The yen strengthened from the lowest level in more than four years against the dollar, benefiting companies that compete with Japanese exporters. JPMorgan Chase & Co. cut its growth outlook for the Chinese economy following data yesterday that showed industrial production missed estimates and fixed-asset investment unexpectedly slowed last month.
“Asian exporters are doing well because there is a view the yen weakening is done in the short-term,” Michael Wang, an emerging-market strategist at Amiya Capital LLP in London, said by e-mail. Concerning China, “there are worries about data still being weak — bad for Russia and Brazil,” he said….”
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