EMERGING MARKETS-Emerging from the ashes, stocks end the week higher

viernes 28 de agosto de 2015 06:15 GYT

* Remarkable turnaround sees EM stocks end week higher
    * But worst month since 2012 after 9 percent fall
    * Ukraine consolidates gains after debt restructuring deal
    * Thai baht hits 6-1/2 year low, rouble up for first week in

    By Marc Jones
    LONDON, Aug 28 (Reuters) - Emerging markets stocks capped a
turnaround from a calamitous China-driven start to the week on
Friday with a second day of gains, though was not enough to save
them from their worst month in three years.
    Investors were still on the hunt for bargains following the
rout in Chinese and other key emerging economies that had sent
global markets into panic on Monday.
    MSCI's benchmark EM stocks index was up just over
0.6 percent as a second straight 4-5 percent rebound in Shanghai
and Beijing markets  helped mask more lacklustre
performances in eastern Europe and nudge it towards a 0.8
percent weekly rise. 
    But it was still down 9 percent for the month, and momentum
of the last few days for commodity producers like Russia
  had faded as oil cooled after its biggest jump
since early 2009. 
    Metals markets were also back in the red, which was expected
to put markets like Chile back under pressure later.
Nevertheless there was broad relief among EM investors that
Monday's China-led drama and not spiralled out of control. 
    "It is always an overreaction," said Marco Ruijer, an
emerging market fund manager at NN Investment Partner. 
    "Sentiment changes because a slight data point is a little
bit better than expected as we saw with U.S. GDP, plus the
interest rate and reserves cut in China.
    "And of course the oil price has shot up to close to $43 a
barrel and that has helped our (bond) universe for the
oil-exporting countries."
    Ukraine's markets also consolidated massive gains they had
seen on Thursday after its government clinched a long-waited
restructuring deal on its $18 billion debt pile. 
    Its bond prices had jumped as much as 10 cents, roughly 15
percent, after what was widely seen as a generous deal by Kiev
, and its default insurance costs fell to their
lowest in 10 months in early trading on Friday. 
    Currency markets were generally calmer than in recent days
although there were some notable outliers.
    The Thai baht hit a near 6-1/2-year low as its
central bank relaxed rules on overseas investments and said the
currency reflects weaker economic fundamentals. (Full Story)
    But China's yuan jumped sharply as its central
bank was spotted intervening, the Taiwan dollar and
South Korean won both rose to their highest in
roughly two weeks, while Russia's rouble was on track for
its first weekly gain since June.  
     Emerging Markets Prices from Reuters            
 Equities                  Latest    Net Chg  % Chg  % Chg      
                                                     on year    
 Morgan Stanley               
 Emrg Mkt Indx    819.13    +6.05   +0.74  -14.34     
 Czech Rep           1013.92    +6.01   +0.60   +7.10     
 Poland           2121.01    +3.18   +0.15   -8.42     
 Hungary           21235.08  -276.07   -1.28  +27.66     
 Romania           7069.47   -13.15   -0.19   -0.19     
 Greece              627.48    +0.46   +0.07  -24.05     
 Russia             806.99    +2.13   +0.26   +2.06     
 South Africa   43929.50  +304.52   +0.70   -0.09     
 Turkey          74738.05   -75.43   -0.10  -12.81     
 China             3234.61  +151.02   +4.90   -0.00     
 India           26293.01   +61.82   +0.24   -4.39     
 Currencies              Latest    Prev    Local    Local       
                                   close   currency currency    
                                           % change % change    
                                                    in 2015     
 Czech Rep      27.03     27.05   +0.08    +2.30      
 Poland          4.23      4.23   +0.04    +1.31      
 Hungary       314.47    314.41   -0.02    +0.64      
 Romania         4.43      4.44   +0.18    +1.22      
 Serbia        119.87    120.22   +0.29    +1.23      
 Russia            66.47     66.15   -0.47   -12.67      
 Kazakhstan       239.60    240.95   +0.56   -23.73      
 Ukraine           21.10     21.05   -0.25   -25.27      
 South Africa      13.17     13.13   -0.31   -12.21      
 Kenya            103.75    103.60   -0.14   -12.92      
 Israel             3.92      3.91   -0.22    -0.83      
 Turkey             2.92      2.91   -0.21   -19.95      
 China              6.39      6.40   +0.27    -2.85      
 India             66.13     65.96   -0.26    -4.69      
 Brazil             3.56      3.55   -0.24   -25.34      
 Mexico            16.91     16.88   -0.19   -12.80      
 Debt                 Index   Strip Spd  Chg   %Rtn   Index     
 Sov'gn Debt  EMBIG   441         3    .10  6 66.57 1   
 All data taken from Reuters at #N/A The record could not be
found GMT.            
 Currency percent change calculated from the daily U.S.         
 close at 2130 GMT.            

    For GRAPHIC on emerging market FX performance 2015, see link.reuters.com/jus35t
    For GRAPHIC on MSCI emerging index performance 2015, see link.reuters.com/weh36s
    For GRAPHIC on MSCI emerging Europe performance 2015, see link.reuters.com/jun28s
    For GRAPHIC on MSCI frontier index performance 2015, see link.reuters.com/zyh97s
    For CENTRAL EUROPE market report, see 
    For TURKISH market report, see 
    For RUSSIAN market report, see )

 (Reporting by Marc Jones; editing by John Stonestreet)