Alibaba Dents Best Month for Emerging Stocks Since January
- Equities set for monthly gain on bets Fed is done with hiking
- Markets also watching Argentina’s runoff elections on Sunday
Signage at the Alibaba Group offices in Beijing.
Source: BloombergThis article is for subscribers only.
The benchmark emerging-market stocks gauge took a hit from large declines in a pair of Chinese e-commerce shares on Friday, paring its biggest monthly gain since January.
The losses in Hong Kong-traded Alibaba Group Holding Ltd. and its main rival Tencent Holding Ltd. pared the weekly advance in the index to 3%, and the monthly gain to 6.7%. Alibaba, which dropped 10% after scrapping a plan to carve out its cloud unit, citing US restrictions on chip exports, accounted for about half of the index’s 0.5% loss on Friday.