Most emerging-market stocks fell, led by shares in South Korea and China, while Philippine equities rallied. Malaysia’s ringgit led developing-nation currencies lower.
Samsung Engineering Co. (028050) and LG Innotek Co. (011070) retreated at least 3 percent in Seoul as the Kospi Index sank the most in more than a week. The Shanghai Composite Index slid to a two-week low on concern a flood of initial public offerings will draw funds away from existing shares. The ringgit and Thai baht lost 0.2 percent versus the dollar, while the Hungarian forint dropped 0.1 percent against the euro. The Philippine Stock Exchange Index jumped to an eight-month high.
The MSCI Emerging Markets Index was little changed at 1,011.50 as of 1:30 p.m. in Hong Kong with 180 shares gaining and 175 falling. The gauge posted its first weekly loss in five weeks as data showed China’s economy faltered and tension in Ukraine escalated. At least three people were killed in a clash in Slovyansk as a top security official accused Russia of exploiting the violence to prepare grounds for an invasion. Exchanges in Hong Kong, Australia and New Zealand are shut.
“The market is relatively quiet today with some exchanges still closed,” Amica Darmawan, a fund manager at PT First State Investments Indonesia, said in Jakarta. “The crisis in Ukraine creates another uncertainty for investors.”
The developing-nation index has advanced 0.9 percent this year and trades at 10.5 times projected 12-month earnings, data compiled by Bloomberg show. The MSCI World Index has gained 0.5 percent in 2014 and is valued at 14.7 times.
Samsung Engineering fell 3.5 percent, the most in a month, while LG Innotek sank the most in two weeks. The 14-day relative strength index for both stocks exceeded 70 on April 18, a level some investors use as a signal to sell.
The Shanghai Composite dropped for a third day to the lowest level since April 4. The China Securities Regulatory Commission posted IPO prospectuses for 28 companies on its website last week. Regulators will start reviewing IPO plans this week by companies which released sales documents, the China Business News said, without naming anyone.
The ringgit weakened for a second day and the baht halted a four-day increase and the lira slid for a second day. The forint dropped for the first time in four days versus the euro.
The Philippine Stock Exchange Index (PCOMP) added 1.3 percent, heading for its highest close since July 26. Philippine Long Distance Telephone Co. (TEL) and SM Prime Holdings Inc. led the rally with gains of more than 3 percent.
The Philippine economy may have sustained robust growth in the first quarter, central bank Deputy Governor Diwa Guinigundo said by e-mail over the weekend.
Larsen & Toubro Ltd. advanced 1.9 percent, providing the biggest boost to the S&P BSE Sensex, which added 0.3 percent. Wipro Ltd. tumbled 5.3 percent in Mumbai after the company gave a weak sales outlook.
The FTSE Bursa Malaysia KLCI Index gained 0.5 percent while gauges in Indonesia, Thailand and Vietnam rose at least 0.2 percent.
To contact the reporter on this story: Harry Suhartono in Jakarta at firstname.lastname@example.org
To contact the editors responsible for this story: Richard Frost at email@example.com Chan Tien Hin, Allen Wan