Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You

Join the forum, it's quick and easy

Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit Post




View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


Send your suggestions and comments

* - required fields


Latest topics

» We’re seeing a shift toward international and value stocks, says Schwab’s Kleintop
by target1 Today at 2:40 am

» Wall Street stumbles as consumer pessimism stokes growth fears
by target1 Today at 2:34 am

» Free Market Capitalism vs. Crony Capitalism
by target1 Today at 2:30 am

by ChooBoy Yesterday at 9:30 pm

» Sri Lankan corporations reap large profits as workers and rural toilers face poverty and starvation
by CHRONICLE™ Yesterday at 6:37 pm

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by God Father Yesterday at 6:13 pm

» Derana 360 with Minister Dhammika Perera
by samaritan Yesterday at 1:07 pm

by LHW Yesterday at 9:24 am

» Breaking News- Kanchana to go to Qatar ; 2 more ministers off to Russia
by Beyondsenses Yesterday at 8:13 am

» PM thanks President Biden for assuring US support to Sri Lanka
by Beyondsenses Yesterday at 8:07 am

» Sri Lanka Stock Market heading toward ASPI 4500
by God Father Mon Jun 27, 2022 9:14 pm

» Why no power cuts in certain areas of Colombo?
by God Father Mon Jun 27, 2022 8:03 pm

» Expolanka to continue its winning streak
by samaritan Mon Jun 27, 2022 9:49 am

» කොළඹ රාජකීය ගොල්ෆ් සමාජය විසින් රජයේ දේපළ අවභාවිත කිරීම
by ddindika Mon Jun 27, 2022 9:33 am

» LOLC to enter the giant Indian Market
by samaritan Mon Jun 27, 2022 9:17 am

by CHRONICLE™ Mon Jun 27, 2022 6:46 am

» SOEs within Minimum Programme for Economic Recovery
by CHRONICLE™ Mon Jun 27, 2022 6:44 am

» COVID WAVES: Can there be another Covid-19 wave in Sri Lanka?
by CHRONICLE™ Mon Jun 27, 2022 6:36 am

» Luminex Limited lists on the Diri Savi Board after a capital raise of Rs. 250 Million
by CHRONICLE™ Mon Jun 27, 2022 6:34 am

» Importance of Agroforestry for Sri Lanka
by CHRONICLE™ Mon Jun 27, 2022 6:31 am








You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Emerging-market stocks advanced to a five-week high

Emerging-market stocks advanced to a five-week high

Go down  Message [Page 1 of 1]


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Emerging-market stocks advanced to a five-week high as Federal Reserve officials met to consider measures to stimulate the world’s biggest economy and as Greece moved toward forming a new government.

The MSCI Emerging Markets Index (MXEF) climbed 1 percent to 943.44 in New York, the highest close since May 15. Brazil’s benchmark Bovespa stock index advanced for a third day, led by JBS SA (JBSS3), Latin America’s biggest beef producer, and Petroleo Brasileiro SA (PETR4), Brazil’s state-controlled oil company. Mexico’s IPC (MEXBOL) index gained 1.6 percent as Grupo Elektra SA (ELEKTRA*) surged the most in three months. The Hang Seng China Enterprises Index of Chinese companies listed in Hong Kong retreated 0.2 percent.

Fed policy makers began a two-day meeting today to discuss U.S. growth and consider lengthening the maturity of its Treasury holdings. Greek politicians continued talks to form a government after the June 17 elections while Evangelos Venizelos, head of the Pasok party, said the country should renegotiate its international rescue deal. The 21 countries in the MSCI emerging market index send about 30 percent of their exports to the European Union on average, data compiled by the World Trade Organization show.

“There’s enough hope right now that central bankers will get together and do something even if Europe doesn’t come up with a comprehensive solution,” Greg Lesko, who helps oversee over $800 million at Deltec Asset Management in New York, said in a phone interview. “Emerging markets offer growth and they offer yield, so when people are a little less afraid, they’re going to the assets that have the best prospects.”

IMF Pledges
More leaders attending a Group of 20 gathering in Los Cabos, Mexico agreed to contribute to the International Monetary Fund to protect the global economy from Europe’s debt crisis, IMF Managing Director Christine Lagarde said in a statement on the sidelines of the two-day summit. China said it would contribute $43 billion to the fund while Mexico would add $10 billion, matching pledges from Russia, India and Brazil.

Russia relies on the European Union for about 52 percent of its foreign shipments, while China sends about 20 percent of its overseas sales to the EU, according to the WTO.

Emerging-market stocks are in a “sweet spot” as economic growth remains buoyant in China and valuations plunge from historical averages, Mark Mobius, who oversees about $50 billion as executive chairman of Templeton Emerging Markets Group, said in an interview from Singapore today. He’s adding to equities in China, Russia, Turkey, Thailand and Africa.

MSCI Review
New York-based index provider MSCI Inc. will release the results of its classification review tomorrow. The United Arab Emirates and Qatar are up for a potential upgrade to emerging- market status while South Korea and Taiwan are being considered for a promotion to developed-market status. MSCI’s stock indexes are tracked by investors with about $7 trillion in assets.

The Bovespa (IBOV) gained 1.8 percent to a one-month high as JBS advanced the most in two months, adding 6.2 percent, and Petrobras climbed 4 percent. Grupo Elektra, the retail and banking company controlled by billionaire Ricardo, climbed 16 percent, the most since March 12.

Egypt’s benchmark EGX30 Index (EGX30) lost 4.2 percent, the most among 95 global indexes tracked by Bloomberg, after the country’s generals said in a statement yesterday that authority would shift to the newly elected head of state by the end of this month. The previous night, they issued a decree curtailing presidential powers and expanding their own.

The ISE National 100 Index (XU100) gained 1.7 percent in Istanbul, after a 0.2 percent decline yesterday ended its longest winning streak since 1993. The WIG20 Index (WIG20) gained 1.9 percent in Warsaw.

OAO RusHydro fell 5.5 percent in Moscow after Kommersant reported that Russia’s largest hydropower company may hold a secondary public share sale.

Turkey, India
CarrefourSA Carrefour Sabanci Ticaret Merkezi AS (CARFA) gained 4.3 percent in Istanbul after part-owner Haci Omer Sabanci Holding AS, Turkey’s second-biggest group of companies, said it continues to assess buying shares in the unit from parent Carrefour SA.

The rupee weakened 0.1 percent. Fitch Ratings cut its outlook on India’s sovereign credit rating to negative from stable after stock markets closed yesterday.

Tsingtao Brewery Co. (168) tumbled 7.8 percent, the most in two years, after Chinese billionaire Chen Fashu sold 32 million Hong Kong-listed shares of the beer maker at a discount. Sri Lanka’s benchmark Colombo All-Share Index (CSEALL) rose 1.2 percent after gross domestic product topped forecasts.
The BSE India Sensitive Index (SENSEX) advanced 0.9 percent. ITC Ltd., India’s biggest tobacco company, jumped 2.5 percent on speculation earnings will be sheltered from slowing growth.

Extra Yield
HTC Corp. (2498), Asia’s second-largest smartphone maker, climbed 3.9 percent in Taipei, the most since May 29. It signed agreements with China’s Sina Corp. and Tencent Holdings Ltd. (700) to collaborate on Chinese mobile Internet services, HTC said in an e-mailed statement to Bloomberg News today.

The extra yield investors demand to own emerging-market debt over U.S. Treasuries slid four basis points, or 0.04 percentage point, to 382 basis points, according to JPMorgan Chase & Co.’s EMBI Global Index.

To contact the reporters on this story: Jason Webb in London at; Chris Kay in Abuja at

To contact the editor responsible for this story: Gavin Serkin at

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum