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By Bloomberg

Emerging-market stocks climbed for the first time in five days as technology shares gained and Chinese equities reached a five-year high, countering declines in energy companies. Indonesia’s rupiah led currencies lower.

Tencent Holdings Ltd. rose 3.7 percent in Hong Kong after Mizuho Securities Asia Ltd. upgraded the stock. The Shanghai Composite Index rallied for a fourth day. Cairn India Ltd. slid 2.6 percent to lead energy shares lower. The rupiah sank to a three-week low versus the dollar and Malaysia’s ringgit lost 0.5 percent. South Africa’s rand ended a three-day drop.

The MSCI Emerging Markets Index increased 0.2 percent to 936.16 at 8:39 a.m. in London, with 322 shares falling and 297 rising. Oil fell for a fifth day amid speculation that U.S. inventories will increase, exacerbating a global supply glut that’s driven prices to the lowest levels in more than five years. The Federal Reserve releases minutes of its December policy meeting today amid signs policy makers will raise interest rates this year.

“Markets are volatile with many moving parts in play,” Thebes Lo, a Hong-Kong based vice president at Kim Eng Securities Ltd., said by phone. “The Fed minutes will be a big one to be considered, with data from China in the coming days.”

The developing-nation measure has fallen 2 percent this year and trades at 10.9 times 12-month projected earnings, data compiled by Bloomberg show. The MSCI World Index has lost 3.3 percent and is valued at a multiple of 15.

Tencent Gains

Five out of 10 industry groups in the emerging-markets gauge rose, as a gauge of technology rebounded from a two-day loss. Tencent, China’s second-largest Internet company, rose for a fourth day as Mizuho upgraded the stock to buy. JPMorgan Chase & Co. also recommended buying the shares on prospects that growth in advertising revenue will boost profit.

Hong Kong’s Hang Seng China Enterprises Index was little changed. The Shanghai Composite Index added 0.7 percent as PetroChina Co. jumped 6 percent. The stock has surged 60 percent over the past year amid expectations the government will announce reforms of state-owned enterprises, Li Xin, a Shanghai- based analyst at Masterlink Securities, said yesterday.

Hyundai Motor Co. climbed 3.3 percent in Seoul after saying it plans to spend 80.7 trillion won ($73.4 billion) by 2018 on facilities and research and development. The Kospi index added 0.1 percent. Korean Air Lines Co. sank 4.7 percent on a plan to sell new shares.

Energy Shares

Cairn India headed for the lowest close since Dec. 17 as a gauge of developing-nation energy shares slid for a 12th day. The S&P BSE Sensex fell 0.1 percent, its third day of losses.

Equity gauges in Dubai and Abu Dhabi rose at least 1 percent, rebounding after three days of losses. Thailand’s SET Index climbed 0.7 percent, halting a four-day drop. The Social Security Office, the country’s biggest government pension fund, said it is seeking approval to reduce sovereign debt holdings as it buys local shares amid falling valuations.

Stock indexes in Taiwan, the Philippines and Indonesia advanced at least 0.4 percent. The rand strengthened 0.1 percent, while the rupiah weakened for a fourth day. The ringgit pared declines of as much as 0.8 percent after Malaysia’s trade surplus in November widened more than estimated.