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Emerging Market Stocks Fluctuate on U.S. Economy, China Rates

Emerging-market stocks fluctuated as increasing confidence in the strength of the U.S. recovery was offset by concern that China’s tightening measures will slow growth in the world’s third-largest economy.

Hon Hai Precision Industry Co., which makes Apple Inc. iPhones and Hewlett-Packard Co. computers, climbed 1.7 percent after a government report showing the U.S. economy expanded faster than estimated. China Vanke Co. dropped 1.8 percent in the southern city of Shenzhen as a Chinese gauge of lending rates rose to the highest level in more than three years.

The MSCI Emerging Markets Index was little changed at 1,126.37 as of 9:49 p.m. London time, after gaining 0.2 percent and falling 0.1 percent. Taiwan’s Taiex index rose 0.4 percent, the highest close since May 2008. The Philippine Stock Exchange Index gained 1.3 percent to a two-week high. The Shanghai Composite Index, Asia’s worst performing benchmark gauge this year, sank 0.8 percent.

“Uncertainty over further controls is ruling the market,” said Deng Changrong, a strategist at Huaxi Securities Co. in Shenzhen. “As the market lacks liquidity at the moment, there’s no support for a strong rebound.”

Stocks in emerging Europe and Africa fluctuated, with the Czech Republic’s PX gauge up 0.2 percent, Hungary’s BUX and Poland’s WIG20 both fell 0.2 percent and the benchmark index in South Africa was little changed.

Air Pact

Hon Hai Precision, which gets about 36 percent of sales from America, rose to a two-month high in Taipei. Catcher Technology Co., a maker of notebook casings, advanced 6.7 percent.

A gauge tracking information technology stocks rose the most among the 10 industry groups on MSCI’s developing-nation measure.

In Kuala Lumpur, Malaysian Airline System Bhd., the national carrier, advanced 5.4 percent, gaining for a second day on the signing of an agreement with Air France-KLM Group’s Dutch KLM unit to foster closer cooperation.

Alliance Global Group Inc., owner of the Philippines’ largest casino and the local franchise of McDonald’s, surged 6.3 percent, the second-biggest gain on the MSCI Emerging Markets Index today. The company said it will buy 60 percent of Fil-Estate Land Inc. for 5 billion pesos ($113 million) to expand its tourism-related business. Fil-Estate surged 26 percent, its biggest gain since March 1.

China Vanke, the nation’s largest developer, retreated 1.8 percent. Cinda Real Estate Co. lost 1.7 percent.

China’s benchmark money-market rate surged to a three-year high as banks hoard cash before the New Year holiday. The seven-day repo rate jumped 150 basis points to 5.67 percent, according to a daily fixing published by the National Interbank Funding Center. Policymakers on Dec. 10 ordered lenders to park more money with the central bank for the third time in five weeks to limit inflation.

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