Emerging Stocks Rise Led by Philippines as Hungary Slumps
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Emerging-market stocks rose, led by Philippine companies, on speculation falling deposit rates will spur demand for the nation’s equities. Hungarian equities tumbled to the lowest level in about a month.
Ayala Corp. jumped 5.4 percent in Manila, helping drive the Philippine Stock Exchange Index to a record. Erste Group Bank AG led the Czech PX index higher. Harmony Gold Mining Co., Africa’s third-largest producer of the metal, climbed a second day as gold extended its rebound. Billionaire Eike Batista’s OGX Petroleo & Gas Participacoes SA surged 18 percent in Sao Paulo, sending Brazil’s Bovespa index up a third day.