Emerging Stocks Trim Weekly Advance on India Drop as Lira Slumps
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Emerging-market stocks fell, trimming the first weekly gain this month, as India’s most-valuable company missed sales estimates and China resumed initial public offerings. Turkey’s lira slumped to a record.
Tata Consultancy Services Ltd., India’s largest software-services exporter, slid 5.8 percent in Mumbai. The Shanghai Composite Index retreated 0.9 percent while Neway Valve (Suzhou) Co. surged 43 percent in its debut as China ended a 15-month freeze on new share sales. The lira weakened 1.2 percent against the dollar and the Borsa Istanbul 100 Index fell to a three-week low. The Ibovespa posted a third straight weekly decline as homebuilders fell.