Emerging stocks rise on China data
- Published: 9 Sep 2013 at 13.45
- Online news:
Emerging-market stocks rose to a three-week high and equities in Shanghai headed for the biggest rally this year after better-than-estimated Chinese trade data bolstered confidence in the world’s second-biggest economy.
China Cosco Holdings Co, the nation’s largest cargo line, climbed to a five-month high in Hong Kong. Agricultural Bank of China Ltd rallied 4 percent in Hong Kong after Money Week said the nation’s securities regulator may allow some lenders to sell preferred shares. HTC Corp. sank to an eight-year low in Taipei after the Commercial Times said orders to suppliers are slowing. The Malaysian ringgit and South Korea’s won gained at least 0.5 percent against the dollar.
The MSCI Emerging Markets Index added 0.9 percent to 964.46 as of 2:09 p.m. in Hong Kong, advancing for a fourth day. Chinese data yesterday showed exports climbed 7.2 percent last month, compared with the 5.5 percent median estimate in a Bloomberg survey. A smaller-than-expected increase in US nonfarm payrolls on Sept 6 eased concern over the potential size of US Federal Reserve stimulus reductions.
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