Business Intelligence MidEast: Emerging-market stocks jump to near six-month high as confidence rises. Chart source: Carpe Diem
INTERNATIONAL. Emerging-market stocks climbed to the highest in almost six months as commodity prices advanced on speculation stimulus packages are beginning to thaw global credit markets and revive economic growth.
The MSCI Emerging Markets Index added 1.6% to 626.92 at 7.33 am in London, the highest since 14 October. The index, which lost 54% of its value last year, has gained 11% in 2009 as governments take steps to increase liquidity and boost financial aid for developing nations hardest hit by the global credit crunch.
Crude oil climbed 2.1% to US$53.60 a barrel in New York and copper headed for its longest winning streak in more than a year, helping improve the revenue outlook for emerging economies sustained by exports. The Micex Index in Russia, the world’s biggest energy-exporting economy, jumped 3.4%.
Oman’s benchmark stock index, the Muscat Securities Market 30 Index, increased 1% to the highest level in seven trading days. The Kuwait Stock Exchange Index added 0.8%.
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