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(Bloomberg) — Emerging-market stocks rose for the first time in five days as Tencent Holdings Ltd. paced gains for technology stocks, countering declines in energy shares. Indonesia’s rupiah led developing-nation currencies lower.
Tencent, China’s second-largest Internet company, climbed 3.6 percent in Hong Kong after Mizuho Securities Asia Ltd. upgraded the stock. Hyundai Motor Co. gained the most in a month in Seoul on a spending plan. Cairn India Ltd. slid 1.4 percent in Mumbai to lead energy shares lower. The rupiah weakened to a three-week low versus the dollar. Malaysia’s ringgit pared losses after the nation’s trade surplus surged.
The MSCI Emerging Market Index added 0.2 percent to 936.91 at 1:01 p.m. in Hong Kong as a gauge of technology shares rebounded from a two-day loss. Oil traded near $48 a barrel amid speculation expanding U.S. inventories will exacerbate a global supply glut. The Federal Reserve releases minutes of its December policy meeting today amid signs policy makers will raise interest rates this year.
“Markets are volatile with many moving parts in play,” Thebes Lo, a Hong-Kong based vice president at Kim Eng Securities Ltd., said by phone. “The Fed minutes will be a big one to be considered, with data from China in the coming days.”
The developing-nation measure has fallen 2 percent this year and trades at 10.9 times 12-month projected earnings, data compiled by Bloomberg show. The MSCI World Index has lost 3.3 percent and is valued at a multiple of 15.
Seven out of 10 industry groups in the emerging-markets gauge advanced, as gains in technology and telecommunication shares overshadowed declines in energy companies. Tencent rose for a fourth day as Mizuho upgraded the stock to buy. JPMorgan Chase & Co. also recommended buying the shares on prospects growth in advertising revenue will boost profit.
Hong Kong’s Hang Seng China Enterprises Index of mainland stocks listed in Hong Kong added 0.5 percent, paced by gains in China Life Insurance Co. The Shanghai Composite Index retreated for the first time in four days.
Hyundai Motor rose for the first time in seven days after saying it plans to spend 80.7 trillion won ($73.4 billion) by 2018 on facilities and research and development. The Kospi index climbed 0.1 percent. Korean Air Lines Co. sank 3.6 percent on a plan to sell new shares.
Cairn India headed for the lowest close since Dec. 17 as a gauge of developing-nation energy shares slumped for a 12th day.
The Philippine Stock Exchange Index gained 0.6 percent to a one-month high, while equity gauges in Taiwan, Indonesia and Thailand climbed at least 0.4 percent.
The rupiah weakened for a fourth day. Malaysia’s ringgit lost 0.2 percent, paring declines of as much as 0.8 percent, after data today showed Malaysia’s trade surplus in November widened more than estimated. India’s rupee added 0.3 percent. – BLOOMBERG
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