Joined Nov 11, 2007
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Emerging Markets Fall for the First Time in 6 Trading Sessions

“Emerging-market stocks fell for the first time in six days as South Korean automakers tumbled and Chinese companies retreated in Hong Kong.

Hyundai Motor Co. (005380) and Kia Motors Corp. (000270) slid at least 3.4 percent on speculation their combined U.S. market share will weaken. Zoomlion Heavy Industry Science & Technology Co. and China National Building Material Co. (3323) paced declines among Chinese equities in Hong Kong as trading resumed after a holiday and Bank of America Corp. cut its forecast for China’s economic growth. Egyptian bond yields fell after the nation’s army gave President Mohamed Mursi 48 hours to respond to protesters’ demands and end a political impasse.

The MSCI Emerging Markets Index lost 0.5 percent to 936.97 as of 4:16 p.m. in Hong Kong, snapping the longest winning streak since March. Bank of America today reduced its forecast for China’s economic growth in the second quarter to 7.6 percent from the previous estimate of 7.7 percent, a day after data showed two gauges of manufacturing fell in June.

China’s economy will show more signs of slowdown as the government signals its intention to keep controls on credit and the property sector,” Vattana Vongseenin, who oversees the equivalent of $25 million of assets as chief executive officer of Phillip Asset Management Co., said in Bangkok. “The Chinese slowdown will weigh on investors’ sentiment.”

Hyundai Slides…”

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