Azernews.Az

By Bloomberg

Emerging-market stocks fell for the first time in three days as telecommunications companies dropped and talks on Greece’s debt resumed. Russian equities tumbled the most in five weeks.

PT Telekomunikasi Indonesia retreated 3 percent in Jakarta after closing at a record high last Friday. OAO Lukoil led a 2 percent slide in Russia’s Micex Index, while the ruble rose 1.5 percent versus the dollar. South Korea’s won weakened 0.5 percent. Chinese shares climbed 0.6 percent after the nation’s broadest measure of new credit increased.

The MSCI Emerging Markets Index slid 0.1 percent to 985.71 at 8:24 a.m. in London. Greece and its creditors continue talks Monday as euro-area finance ministers try to break an impasse over financing. Ukraine’s truce is at risk of unraveling over the fate of a contested transport hub. Trading volumes in China stocks fell to 28 percent below the 30-day average before Lunar New Year holidays that start Feb. 18.

“Markets will be a bit volatile as investors watch the development in Greece’s debt talks,” Akbar Syarief, a fund manager at PT MNC Asset Management, said by phone from Jakarta today. “With holidays coming for many markets in Asia, trading will be a bit thin as well.”

The emerging markets gauge has risen 3.1 percent this year and trades at 11.8 times 12-month estimated earnings, data compiled by Bloomberg show. The MSCI World Index has climbed 2.6 percent in 2015 and is valued at a multiple of 16.6.

Ruble Gains

Seven out of 10 industry groups in the developing-nations measure fell. Telekomunikasi Indonesia sank the most since Nov. 7 to lead a 1 percent slide in the Jakarta Composite Index.

The Micex headed for the steepest decline since Jan. 9 as Lukoil dropped 2.1 percent. The ruble strengthened for a second day. Ukraine’s truce is at risk of unraveling over the fate of a contested transport hub after the first day of a cease-fire brought a decrease in violence.

Dubai’s DFM General Index fell 1.9 percent. South Korea’s won slid 0.5 percent while Indonesia’s rupiah gained 0.4 percent. The S&P BSE Sensex rose 0.5 percent, its fifth day of gains, on speculation the government will announce growth- boosting measures in its first full-year federal budget this month.

Celltrion Inc. rallied 15 percent in Seoul, the biggest gain in the MSCI Emerging Markets Index. BYD Co. jumped 11 percent in Hong Kong to the highest level in two months after reports Apple Inc. is working on an electric vehicle.

The Shanghai Composite Index increased to a two-week high. China’s broadest measure of new credit rose for a third straight month, data showed on Friday, suggesting stimulus measures are cushioning the nation’s economic slowdown.