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Emerging Markets Drop to Six-Week Low as Commodities Fall


11 Feb 2013 08:24 GMT   التعليقات ()       إضافة تعليق       طباعة       إرسال لصديق


Feb. 11 (Bloomberg) -- Emerging market stocks dropped, poised for a six-week low, as falling metals prices sank commodities shares and Turkish banks slid.

OAO Severstal, a Russian steelmaker, led declines in Moscow's Micex Index after an explosion at one of its coal mines. Akbank TAS, a Turkish lender part-owned by Citigroup Inc., fell to the lowest since Dec. 3 after Yapi & Kredi Bankasi AS cut the stock to the equivalent of sell. PT United Tractors gained the most in almost six weeks in Jakarta on speculation the company may sustain a recovery in sales, pushing Indonesia's main index to a record level.

The MSCI Emerging Markets Index fell 0.2 percent to 1,058.64 by 2:22 p.m. in New York. Turkey's ISE National 100 Index extended its decline to the lowest since Dec. 21 after a car bomb at the border with Syria killed at least 10, according to the Anatolia news agency. The Bloomberg Base Metals 3-Month Price Commodity Index slid 0.8 percent, while copper fell the most in a month as China's New Year's holiday week got underway.


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