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By Bloomberg

Emerging-market stocks fell as regulatory efforts to rein in margin lending sent Chinese equities to the biggest slump since 2008. Wipro Ltd. paced gains for technology companies, while Russia’s ruble strengthened.

The Shanghai Composite Index plunged 7.7 percent as Citic Securities Co. and Haitong Securities Co. tumbled by the 10 percent daily limit. The yuan weakened 0.2 percent versus the dollar. Wipro jumped the most since 2013 in Mumbai after India’s third-largest software exporter reported profit that topped estimates. OAO Gazprom led Russia’s Micex Index to a six-week high, while the ruble climbed 0.3 percent.

The MSCI Emerging Markets Index slid 0.2 percent to 955.69 at 8:10 a.m. in London, its second day of losses. China’s securities regulator suspended three of the nation’s biggest brokerages from adding margin-trading accounts for three months, sparking concern that speculative traders will pull back from the world’s best-performing stock market.

“The penalties on margin trading are definitely weighing on China shares today,” Mixo Das, an Asia ex-Japan equity strategist at Nomura Holdings Inc., said by e-mail in Singapore. “These are likely part of the process of the government trying to manage the rally there.”

The developing-nation measure has dropped 0.1 percent this month and trades at 10.6 times 12-month estimated earnings, data compiled by Bloomberg show. The MSCI World Index has fallen 1.9 percent and is valued at a multiple of 15.5.

Chinese Equities

The Shanghai Composite posted its steepest slump since June 2008, while its 30-day volatility advanced to the highest level in five years. The Shanghai Composite index jumped 67 percent in the past 12 months through last week on record volumes as individual investors piled into the market.

Citic Securities plunged the most since October 2008. The stock and Haitong Securities sank at least 16 percent in Hong Kong. The two brokerages and Guotai Junan Securities Co. were suspended from lending money and stocks to new clients for three months, the China Securities Regulatory Commission said on its microblog on Jan. 16 after the market closed.

The Hang Seng China Enterprises Index of mainland stocks listed in Hong Kong slumped 5 percent, dragged down by China Life Insurance Co. and Bank of China Ltd. Five out of 10 industry groups in the emerging-markets gauge fell, led by financial shares. A measure of technology companies rose the most. Wipro surged 6.3 percent, while the S&P BSE Sensex rose 0.6 percent and the rupee added 0.3 percent.

Samsung Electronics Co., the world’s biggest maker of smartphones, climbed 2.1 percent, its steepest advance in a month to lead South Korean equities higher.

Gazprom climbed 1.6 percent. The Micex rose for a fifth day, poised for the longest rally since Nov. 6. The ruble rose for a second day. Oil traded near $50 after capping its first weekly gain in two months as investors weigh rising OPEC output against speculation supply from outside the group will slow.

Equity gauges in Dubai, South Africa and Turkey rose 0.5 percent. Thai shares advanced 0.9 percent, led by a 5.8 percent rally in Bank of Ayudhya Pcl.