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Emerging-Market Stocks Gain as OPEC Adds to Risk-Rally Momentum

  • Energy shares rally most in three months on earnings prospects
  • Indian bonds drop after attacks on terrorist camps in Pakistan
Updated on

Emerging-market equities rose for a third day as OPEC’s preliminary agreement to cut production further stoked demand for higher-risk assets that have rallied this month as global central banks pledged to sustain monetary stimulus.

China’s Cnooc Ltd. and Sasol Ltd. of South Africa led a gauge of developing-nation energy stocks to the biggest gain in three months after the Organization of Petroleum Exporting Countries on Wednesday agreed to reign in output for the first time in eight years. Shares in the Arab Gulf posted their steepest advance since March. Turkey’s lira retreated on bets higher oil prices will hurt the economy of the net energy importer. Indian stocks and the rupee sank after the nation attacked terrorist camps in Pakistan.