Feb. 11 (Bloomberg) --Emerging market stocks dropped to a six-week low as falling metals prices sank commodities shares and Turkish banks slid. (more)
Feb. 11 (Bloomberg) --Emerging market stocks dropped to a six-week low as falling metals prices sank commodities shares and Turkish banks slid.
OAO Severstal, a Russian steelmaker, led declines on 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 level 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. Venezuelan bonds rose after the bolivar was devalued.
The MSCI Emerging Markets Index fell 0.2 percent to 1,058.75 by the close of trading in New York, the lowest level since Jan. 1. 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 people, 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 got underway.
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