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By Bloomberg

Emerging-market stocks headed for the first weekly drop in a month as Switzerland’s move to abandon the franc’s cap damped demand for riskier assets. Gold producers rose as bullion traded near a four-month high.

South Korean shares sank 1.4 percent as the won’s gain to a two-month high versus the dollar dragged exporters including Hyundai Motor Co. lower. PetroChina Co. paced declines for energy shares as oil headed for the longest weekly slump since 1986. China’s yuan slid the most in five weeks, while Russia’s ruble rose 0.4 percent. Zijin Mining Group Co., China’s largest gold producer, climbed 3.5 percent in Hong Kong.

The MSCI Emerging Markets Index fell 0.5 percent to 955.12 at 8:49 a.m in London, taking its loss this week to 0.7 percent. The Swiss central bank surprised markets at its policy meeting yesterday by abandoning its three-year-old cap of 1.20 per euro on the franc. A Bloomberg gauge of commodity prices has fallen for an eighth week, set for the longest slump since 2001.

“The Swiss move is creating uncertainty for global markets and investors are running for safety,” said Barry David Weisblatt, Ho Chi Minh City-based managing director and head of research at VPBank Securities Co. The slump in oil price has also affected markets, he said.

The developing-nation gauge has lost 0.1 percent this year and trades at 11.2 times projected 12-month earning, data compiled by Bloomberg show. The MSCI World Index has fallen 2.7 percent and is valued at a multiple of 15.3.

Industry Groups

Nine out of 10 industry groups in the emerging-markets measure slid, led by consumer-discretionary stocks and raw material producers. Hyundai Motor Co., which gets more than half of its revenue overseas, lost 2 percent. The Kospi sank 1.4 percent while the the won added 0.6 percent.

Great Wall Motor Co. fell 5 percent in Hong Kong after Barclays Plc recommended investors sell the stock. China Overseas Land & Investment Ltd. slid 2.8 percent after more than 2,800 apartments developed by the company in Shenzhen were blocked from sale by the local land authority.

The Hang Seng China Enterprises Index slipped 0.9 percent as PetroChina dropped 1.6 percent. The Shanghai Composite Index gained for a 10th week to cap the longest winning streak since 2007 amid speculation the government will take more steps to boost economic growth. The yuan weakened 0.3 percent.

Zijin Mining rose the most in more than a week. Harmony Gold Mining Co. advanced to a five-month high in Johannesburg. Bullion prices surged 2.8 percent yesterday on increased demand for safe havens.

Russia’s Micex index fell for the first time in four days, dropping 0.2 percent, while the ruble gained for a second day in three. Equity gauges in Taiwan and Indonesia declined at least 0.2 percent. India’s rupee and the Thai baht strengthened 0.3 percent.