Emerging-Market Stocks Rise for Seventh Day on Global Recovery
By Shiyin Chen and Veronica Navarro Espinosa
April 5 (Bloomberg) -- Emerging-market stocks rose for a seventh day, the longest winning streak in six months, on speculation the global economic recovery is gaining strength.
The MSCI Emerging Markets Index gained 0.8 percent to 1,036.62 at 4:45 p.m. New York time, the highest since July 31, 2008, after U.S. payrolls rose the most in three years and India’s finance minister said the pace of economic growth may accelerate. The seven-day gain is the longest stretch since the period ended Oct. 15. Markets from China to South Africa are closed for a holiday today.
LG Display Co., the world’s second-largest liquid-crystal display maker, rose to a 22-month high after Mirae Asset Securities Co. boosted its share-price estimate. The FTSE Bursa Malaysia KLCI Index posted its longest winning streak since 1994 as Malaysia’s exports increased for a third straight month.
“We’re in the first third of a very strong, sustainable recovery here,” Jesper Koll, Tokyo-based head of equity research at JPMorgan Chase & Co., said in a Bloomberg Television interview. “Here in Asia, things are growing very fast.”
Brazil’s Bovespa gained for a sixth day. Petroleo Brasileiro SA rose as crude prices surged to the highest level in 17 months.
The Bombay Stock Exchange’s Sensitive Index rose 1.4 percent to the highest in over two years after Finance Minister Pranab Mukherjee said India’s gross domestic product may expand by as much as 8.75 percent in the 12 months through March. The economy probably grew 7.2 percent in the year ended March 31, “which is impressive by global standards,” he said.
Malaysia’s benchmark index rose 0.4 percent, after the trade ministry said on April 2 exports rose 18.4 percent from a year earlier. The government also said last week it will revise its four-decade-old affirmative action policies to focus on need rather than ethnicity under economic reforms aimed at boosting average annual growth to 6.5 percent in 2011-2020.
The extra yield investors demand to own emerging-market bonds instead of U.S. Treasuries narrowed 17 basis points to 2.31 percentage points, according to JPMorgan Chase & Co. A basis point equals 0.01 percentage point.
By Shiyin Chen and Veronica Navarro Espinosa
April 5 (Bloomberg) -- Emerging-market stocks rose for a seventh day, the longest winning streak in six months, on speculation the global economic recovery is gaining strength.
The MSCI Emerging Markets Index gained 0.8 percent to 1,036.62 at 4:45 p.m. New York time, the highest since July 31, 2008, after U.S. payrolls rose the most in three years and India’s finance minister said the pace of economic growth may accelerate. The seven-day gain is the longest stretch since the period ended Oct. 15. Markets from China to South Africa are closed for a holiday today.
LG Display Co., the world’s second-largest liquid-crystal display maker, rose to a 22-month high after Mirae Asset Securities Co. boosted its share-price estimate. The FTSE Bursa Malaysia KLCI Index posted its longest winning streak since 1994 as Malaysia’s exports increased for a third straight month.
“We’re in the first third of a very strong, sustainable recovery here,” Jesper Koll, Tokyo-based head of equity research at JPMorgan Chase & Co., said in a Bloomberg Television interview. “Here in Asia, things are growing very fast.”
Brazil’s Bovespa gained for a sixth day. Petroleo Brasileiro SA rose as crude prices surged to the highest level in 17 months.
The Bombay Stock Exchange’s Sensitive Index rose 1.4 percent to the highest in over two years after Finance Minister Pranab Mukherjee said India’s gross domestic product may expand by as much as 8.75 percent in the 12 months through March. The economy probably grew 7.2 percent in the year ended March 31, “which is impressive by global standards,” he said.
Malaysia’s benchmark index rose 0.4 percent, after the trade ministry said on April 2 exports rose 18.4 percent from a year earlier. The government also said last week it will revise its four-decade-old affirmative action policies to focus on need rather than ethnicity under economic reforms aimed at boosting average annual growth to 6.5 percent in 2011-2020.
The extra yield investors demand to own emerging-market bonds instead of U.S. Treasuries narrowed 17 basis points to 2.31 percentage points, according to JPMorgan Chase & Co. A basis point equals 0.01 percentage point.