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By Bloomberg

Emerging-market stocks halted a four-day gain as commodity shares sank with oil and investors speculated that Greek elections will sap demand for riskier assets. China’s yuan headed for the biggest two-day loss since 2008.

PetroChina Co. fell 1.9 percent in Hong Kong to lead oil companies lower. Jiangxi Copper Co. and Aluminum Corp. of China Ltd. slid at least 2.9 percent in Hong Kong after JPMorgan Chase & Co. cut their ratings. Kia Motors Corp. extended losses to a 2010 low in Seoul after profit missed estimates. Indonesian equities retreated from a record and the rupiah ended a four-day gain versus the dollar. The yuan sank 0.4 percent.

The MSCI Emerging Markets Index dropped 0.2 percent to 988.75 at 12:21 p.m. in Hong Kong, after climbing to the highest level in eight weeks on Friday. Greek voters handed victory to the Syriza party that has pledged to renegotiate the terms of an international bailout. Oil fell to the lowest level in almost six years amid bets that a global glut will persist.

“The outcome of Greece’s election is adding to the uncertainties among emerging-market investors,” Dwianto Oktory, fund manager at PT MNC Asset Management, said by phone from Jakarta. “Oil producers are also seen under pressure as crude seems to be continuing its declining trend.”

The developing stocks gauge has risen 3.4 percent this month and trades at 11.6 times 12-month estimated earnings, data compiled by Bloomberg show. The MSCI World Index has lost 0.3 percent in 2015 and is valued at a multiple of 15.9.

Oil Slump

Nine out of 10 industry groups in the emerging-market benchmark gauge fell, led by consumer-discretionary shares and energy companies. PetroChina halted a four-day advance. Hong Kong’s Hang Seng China Enterprises Index retreated 0.7 percent after closing at its highest level since August 2011 on Jan. 23.

Oil futures dropped as much as 2.7 percent amid signs that Saudi Arabia’s new king will maintain its production policy and after U.S. crude stockpiles last month climbed to the highest level since 1930.

Aluminum Corp. of China slid for a second day and Jiangxi Copper retreated the most in almost two weeks after JPMorgan cut its recommendation on both stocks to underweight from neutral.

The yuan headed for a two-day drop of 0.72 percent, the most since December 2008 and sank to a record discount to the central bank’s reference rate, nearing the limit of its permitted trading band.

Kia Motors slumped 5.4 percent, the biggest drag in the Kospi index, which lost 0.1 percent. Hyundai Motor Co. fell 2.1 percent after its affiliate Hyundai Wia Corp. reported fourth- quarter earnings that trailed estimates.

The Jakarta Composite Index tumbled 1.9 percent, the most among Asian equity gauges, after a five-day rally sent the Indonesian gauge’s 14-day relative strength index to a five- month high. The rupiah weakened 0.5 percent.

Malaysia’s equity index lost 0.4 percent, while Thailand shares advanced 0.3 percent. Indian markets were closed for a holiday. South Korea’s won and Taiwan’s dollar gained 0.4 percent.