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By Bloomberg

Emerging-market stocks declined for a fifth day, led by energy producers and Gulf markets, as crude oil tumbled to a five-year low. The rupee depreciated the most in two months.

China Oilfield Services Ltd. and PTT Exploration & Production Public Co. fell more than 6 percent. Abu Dhabi’s ADX General Index slumped the most since 2009, while Dubai’s DFM General Index tumbled 5.5 percent. Bank of China Ltd. retreated 1.4 percent, pacing losses by Chinese shares. Air China Ltd. led gains by airlines on speculation lower fuel prices will boost earnings. India’s currency dropped 0.4 percent. South Korea’s won capped its biggest three-day gain in eight months.

The MSCI Emerging Markets Index fell 0.7 percent to 952.07 at 8:45 a.m. in London, extending a four-day, 2.9 percent slump and heading for its lowest close since March 21. West Texas Intermediate crude plunged 4.5 percent yesterday, sending the Standard & Poor’s 500 Index down the most in two months.

“Investors are taking their cue from Wall Street and the slide in oil price,” Daphne Roth, the Singapore-based head of Asian equity research at ABN Amro Private Banking, which oversees about $219 billion, said by phone. “We are still overweight on equities, and people are taking the opportunity to take profit before the year ends.”

Developing-country stocks have fallen 13 percent from this year’s high in September as the Federal Reserve ended bond buying and speculation grew that U.S. interest rates will rise next year. The MSCI Emerging Market Index’s 50-day historical volatility surged to the highest since April on Dec. 1, data compiled by Bloomberg show.

Chinese Stocks

All 10 industry groups in the emerging-market gauge dropped today, with an index of energy producers sliding 1 percent to its lowest level since March 2009.

China Oilfield Services declined 7.2 percent in Hong Kong after predicting lower profit. PTT Exploration sank 7 percent in Bangkok, poised for its biggest decline in five years.

Brent and West Texas Intermediate traded near the lowest price since July 2009 as Saudi Arabia questioned the need to cut output, bolstering speculation that OPEC’s biggest producer will defend market share. Oil’s collapse into a bear market has been exacerbated as OPEC’s three largest members offered discounts on exports to Asia.

Dubai Islamic Bank PJSC, the second-biggest stock on Dubai’s gauge, lost 7.5 percent. In Abu Dhabi, Aldar Properties PJSC fell 7.1 percent.

The Hang Seng China Enterprises Index retreated 1 percent, with Bank of China contributing the most to declines. Haitong Securities Co. and Citic Securities Co., China’s two-largest brokerages by market value, lost at least 7 percent. The Shanghai Composite Index fell 0.5 percent as a 10-day gauge of price swings rose to the highest in five years.

Annual Losses

Thailand’s SET Index slid 2.8 percent, poised for its biggest decline in almost 12 months, while the Philippines’ benchmark index retreated 1.4 percent. South Korea’s Kospi index dropped 1.5 percent.

The developing-nation gauge has fallen 5 percent this year and trades at 10.9 times 12-month estimated earnings, data compiled by Bloomberg show. The MSCI World Index has gained 2.3 percent and is valued at a multiple of 15.3.

Air China Ltd. climbed 5.4 percent in Hong Kong. China Eastern Airlines Corp. surged to the highest level in three years, while China Southern Airlines Co. advanced 4.3 percent.

The won strengthened 0.15 percent versus the dollar, extending a two-day, 1.4 percent advance. The Bank of Korea kept its benchmark rate unchanged for a second month. The Philippine peso rose 0.4 percent after Moody’s Investors Service raised its sovereign rating on the country to Baa2 from Baa3.