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Emerging stocks rise to nine-month high on China policy, U.S. talks

By Saeromi Shin and Lyubov Pronina, Bloomberg

December 28, 2012 • Reprints

Emerging-market stocks rose for a fifth day on speculation China will take steps to boost domestic consumption, while U.S. lawmakers arranged meetings to avert budget cuts threatening growth in the world’s largest economy.

Citic Securities Co. and Haitong Securities Co. led Chinese brokerages higher after the country’s regulator said it will ease bond financing for securities firms. Eletropaulo Metropolitana SA jumped to a two-month high to lead gains Sao Paulo. OMV Petrol Ofisi AS, Turkey’s biggest fuel retailer, rose the most in almost five months after receiving approval to sell a unit.

The MSCI Emerging Markets Index added 0.5 percent to 1,054.47 as of 10 a.m. in New York, poised for the highest close since April 3 and extending a sixth weekly gain to 1.1 percent. China may introduce measures to boost consumption in areas such as autos, household electronics and solar, the China Securities Journal said. Congressional leaders plan to meet with President Barack Obama today and House Republicans will convene Dec. 30 as lawmakers work to avoid the more than $600 billion in spending cuts and tax gains scheduled to start in January.

“Investors believe differences over the U.S. budget issues will be resolved soon,” Kim Dae Young, a Seoul-based fund manager at KB Asset Management Co., which manages about $28 billion in assets, said by phone. “Policies from China’s new leadership are likely to match investors’ expectations.”

The developing-nations gauge has risen 15 percent this year, beating the 13 percent increase in the MSCI World Index of developed countries. The emerging-markets gauge trades at 12.1 times estimated profit, compared with the MSCI World’s 13.7, according to data compiled by Bloomberg.

Brazil, Russia

Brazil’s Bovespa Index gained 0.2 percent, the first advance in four sessions. Preferred shares of Eletropaulo, Brazil’s largest power distributor, jumped 4.9 percent to the highest price in two months.

Banco Bradesco SA, Brazil’s second-biggest bank by market value, increased the most in a week after Brazil’s central bank cut reserve requirements for lenders to spur investments in Latin America’s largest economy.

Benchmark indexes in Hungary and Romania rose. Russia’s 50- stock Micex Index fell 0.2 percent as Urals crude, Russia’s main export blend, declined. OAO Mostotrest, a bridge and road builder, was the worst performer on the index, dropping 7.3 percent. OAO Aeroflot, Russia’s biggest airline, rose 2.8 percent to the highest price in three months.

The Istanbul Stock Exchange National 100 Index rose to a record for a fourth day. OMV Petrol jumped 6.6 percent, the most since Aug. 8, after the anti-trust board gave approval to sell its 100 percent stake in Petrol Ofisi Arama Uretim Sanayi & Ticaret AS to Tiway Oil BV.

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bank 6455Bloomberg 5254China 1906Barack Obama 909JPMorgan Chase & Co. 818Chinese government 551Warren Buffett 297Emerging markets 94Berkshire Hathaway Inc. 91China Securities Regulatory Commission 54airline 53ETF 48China Securities Journal 30Hyundai Motor Co. 27U.S. Treasuries 19BRICs 13auto-parts maker 6Citic Securities Co. 5China State Council 5China Everbright Ltd. 3Eletropaulo Metropolitana SA 2Banco Bradesco SA 2SAIC Motor Corp. 2KB Asset Management Co. 2power distributor 2fuel retailer 2Haitong Securities Co. 1Tiway Oil BV 1Shinyoung Securities Co. 1OAO Mostotrest 1BYD Co. Ltd. 1Hyundai Mobis Co. 1Petrol Ofisi Arama Uretim Sanayi 1OMV Petrol 1road builder 1bank cut reserve requirements 1household electronics 1Lee Hyung Sil 1

Free Newsletter Modern Trader Follow

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