Emerging Stocks Tumble to Nine-Month Low on World Bank
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Emerging-market stocks tumbled to a nine-month low, led by declines in the Philippines and China, as the World Bank cut its global growth forecast. Mexico’s peso rose the most since 2011 on better-than-forecast U.S. data.
The Hang Seng China Enterprises Index plunged 2.7 percent, extending losses from a Feb. 1 high to 21 percent. China Overseas Land & Investment Ltd., the biggest mainland developer listed in Hong Kong, slid 3.5 percent. Benchmark gauges in the Philippines, Thailand and Indonesia dropped at least 1.9 percent. The Micex Index sank to a one-year low in Moscow as OAO Gazprom slumped. Brazil’s Ibovespa rose the most since March 6, while Mexico’s peso gained 2.4 percent.