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By Bloomberg

Emerging-market stocks halted a three-day gain as Chinese shares sank and lower oil dragged down energy companies. South Korea’s won led currencies higher after a drop in U.S. wages eased bets for U.S. interest rate increases.

PetroChina Co. led the Shanghai Composite Index to its longest losing streak since November before trade data tomorrow. Coal India Ltd. and China Shenhua Energy Co. declined at least 1.5 percent as oil extended losses from the lowest level in more than 5 1/2 years. Russia’s ruble weakened 2.1 percent versus the dollar. The won reached a two-month high and Indonesia’s rupiah climbed 0.5 percent.

The MSCI Emerging Markets Index lost 0.2 percent to 959.80 at 8:08 a.m. in London. Chinese shares slid amid concern gains for the world’s best-performing equities market over the past year were excessive. UBS AG said today China’s bull market may stall unless profits improve. Data showed U.S. wages unexpectedly dropped in December, supporting arguments for the Federal Reserve not to raise interest rates this year.

“Chinese stocks will face some selling pressure after their recent rally,” Warut Siwasariyanon, the head of research at Asia Wealth Securities Co., said by phone in Bangkok. “Markets will be volatile as investors assess the U.S. economic outlook; energy stocks will continue to take some hits.”

The developing-nation gauge has gained 0.4 percent this year and trades at 11.2 times projected 12-month earnings, data compiled by Bloomberg show. The MSCI World Index has fallen 1.4 percent and is valued at a multiple of 15.4.

Financial Stocks

Six out of 10 industry groups in the developing-nation measure decreased, led by energy and industrial shares. The Shanghai Composite Index fell 1.7 percent, its third day of declines, paced by a 3.7 percent slide in PetroChina. The index has surged 60 percent over the past year. The Hang Seng China Enterprises Index slipped 0.5 percent, halting a three-day gain.

Tomorrow’s Chinese trade data will probably show exports grew 6 percent last month, while imports dropped 6.2 percent, according to a Bloomberg survey. China Shenhua Energy fell to the lowest level since Dec. 19.

Coal India dropped 4.8 percent in Mumbai, the most since July 8. The Indian government will raise 24 billion rupees ($386 million) selling a 10 percent stake next month, Economic Times reported, citing an official it did not identify.

West Texas Intermediate crude dropped 2.2 percent today, after sinking 8.2 percent last week, as Goldman Sachs Group Inc. reduced its price forecasts.

The ruble slid for a second day, while the Micex Index was little changed. OAO Magnit, Russia’s biggest retailer, rose 1.1 percent after reporting a 37 percent surge in December sales.

The Jakarta Composite Index fell 0.5 percent, while equity gauges in the Philippines, Taiwan and South Korea dropped at least 0.2 percent. The won strengthened 0.8 percent and the rupiah appreciated the most since Dec. 18.