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By Bloomberg

Emerging-market stocks fell for a fourth day as concern that China will impose measures to cool the nation’s world-beating rally sent the shares tumbling. South Korea’s won weakened to an eight-week low.

Industrial & Commercial Bank of China Ltd. led a 2.6 percent slide in a gauge of Hong Kong-traded mainland stocks. The Shanghai Composite Index retreated 1.7 percent, set to halt a seven-day rally. Philippine equities sank to a four-month low after the nation’s economic growth trailed estimates. The won and Malaysia’s ringgit dropped 0.2 percent versus the dollar.

The MSCI Emerging Markets Index lost 0.3 percent to 1,016.27 at 1:04 p.m. in Hong Kong, poised for the lowest close since April 7. Regulators asked Chinese lenders to report their investment in stocks, the Shanghai Securities News said, as more brokerages including Changjiang Securities Co. tightened rules for lending to stock investors. Federal Reserve Bank of San Francisco chief John Williams speaks in Singapore Thursday, ahead of U.S. jobs and housing data.

“The sentiment in emerging markets is relatively weak with the slump in Chinese markets,” Jitra Amornthum, the head of research at Finansia Syrus Securities Pcl, said by phone in Bangkok. “Chinese shares are being affected very hard by the brokerages’ further tightening of margin lending.”

The developing-nation measure has risen 6.3 percent this year and trades at 12.1 times projected 12-month earnings, data compiled by Bloomberg show. The MSCI World Index has gained 5 percent in 2015 and is valued at a multiple of 16.8.

Banks Drop

Six out of 10 industry groups fell, led by financial shares. ICBC lost 2.8 percent as the Hang Seng China Enterprises Index slid the most since May 5. The Shanghai Composite halted a seven-day, 15 percent rally. Changjiang Securities sank 4.3 percent after joining larger rivals including Haitong Securities Co. in increasing its margin requirement, the collateral put up by an investor when borrowing.

The Shanghai Composite faltered in its bid to reach the 5,000 level for the first time since 2008 after climbing as high as 4,986.50 on Thursday. Record growth in margin debt helped fuel a 140 percent gain in the Shanghai index over the past year, the most among global gauges tracked by Bloomberg.

Subscriptions for 23 initial public offerings in China may lock up 4.9 trillion yuan ($790 billion) of liquidity starting early June, according to a Bloomberg survey.

The Philippine Stock Exchange Index slumped 1.6 percent, its sixth day of declines, poised for its longest losing streak since December 2013. Data Thursday showed the economy grew 5.2 percent in the first quarter, below the 6.6 percent median of estimates compiled by Bloomberg.

The won weakened for a fourth day amid signs South Korean exports and economic growth are slowing as global conditions worsen. The Kospi index climbed 0.5 percent after tumbling 1.7 percent on Wednesday.

The ringgit headed for the lowest close since April 16. India’s rupee strengthened 0.3 percent. Vietnam’s VN Index rose 1.2 percent and Taiwan’s Taiex Index added 0.3 percent.