Emerging-Market Stocks Advance After China Growth Data


14/07/2012 11:23 AST  Bloomberg

Emerging-market stocks rose from a two-week low as slower-than-estimated expansion in China’s economy and a lower growth target from South Korea’s central bank fueled speculation about more economic stimulus.

The MSCI Emerging Markets Index (MXEF) added 1.3 percent to 926.13 as of 4:31 p.m. in New York, paring its weekly decline to 2.1 percent. Energy companies led the advance with Petroleo Brasileiro SA rallying in Sao Paulo and OAO Novatek gaining in Russia as oil advanced. Brazil’s Bovespa rose to a one-week high while Russia’s Micex Index (INDEXCF) gained for the first time in three days. The Hang Seng China Enterprises Index (HSCEI) of Chinese companies listed in Hong Kong increased 0.8 percent.

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