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Fastest Rally in History Takes Emerging-Market Stocks to Record

  • MSCI benchmark gauge surpasses peak seen before 2008 crisis
  • Market capitalizations, valuations are already at record highs
Photographer: Maya Anwar/Bloomberg
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The emerging-market equity benchmark rose to a record, topping its previous high reached before the 2008 financial crisis, as a flood of liquidity and optimism over a global economic rebound fuel risk appetite.

The MSCI Emerging Markets Index rose 2.4% to 1,353.53 points as of the Friday close, extending its recovery from the March rout to 80%. The milestone comes after stock valuations and market capitalization both reached record highs in a rally that’s added $10.8 trillion in a little over nine months, the fastest bout of wealth creation in the history of emerging markets.