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By Bloomberg

Emerging-market stocks fell, heading for a weekly loss, as Indian shares declined for the first time in eight days. Russia’s ruble strengthened, while markets from China to South Korea remained closed for holidays.

Housing Development Finance Co. slid from a record in Mumbai and Reliance Industries Ltd. dropped 3 percent. Truworths International Ltd. rose to a 15-month high in Johannesburg after reporting higher sales. Benchmark equity indexes in Indonesia and the Philippines climbed to records. The ruble appreciated 0.4 percent, poised for weekly advance.

The MSCI Emerging Markets Index dropped 0.2 percent to 982.65 at 8:35 a.m. in London, extending this week’s loss to 0.4 percent. Euro-area finance ministers hold emergency talks with Greek officials today amid increasing pressure to find a compromise on maintaining funding to the indebted country.

“Markets will stay volatile until a compromise is reached over Greece’s debt and this will not be a walk in the park,” said Jonathan Ravelas, chief market strategist at Manila-based BDO Unibank Inc.

The developing-nations gauge has risen 2.8 percent this year and is valued at 11.8 times 12-month projected earnings, data compiled by Bloomberg show. The MSCI World Index has climbed 2.9 percent in 2015 and trades at a multiple of 16.6.

Housing Development dropped 1.1 percent, halting a five-day rally, while Reliance sank 3 percent, heading to a five-week low. The S&P BSE Sensex declined 0.3 percent, following a seven- day, 4.4 percent advance.

Earnings Growth

The Jakarta Composite Index rose 0.3 percent, while the Philippine Stock Exchange Index gained for a sixth day. The Philippine gauge, which trades at its highest price-earnings ratio since 2003, will extend its 8.2 percent advance in 2015 as earnings growth almost triples, according to BDO Bank.

Markets in much of Asia remained closed for Lunar New Year holidays Friday.

Nine of the 10 industry groups in MSCI’s emerging-markets index fell, led by technology and raw material companies. Infosys Ltd., an Indian provider of software and consulting services, dropped 1 percent.

South Africa’s FTSE/JSE Africa All Shares Index climbed 0.2 percent. Truworths advanced 2.8 percent, bound for the highest close since Nov. 6, 2013.

Russia’s Micex dropped 0.8 percent, extending this week’s loss to 3 percent. The ruble has gained 2.8 percent this week.