EMERGING MARKETS-EM stocks dip, Philippines extends post-election gains
By Claire Milhench
LONDON May 11 (Reuters) - Emerging stocks slipped on Wednesday, failing to build on the previous day's gains amid persistent doubts over economic growth, although Philippines shares extended a post-election rally to hit 8-1/2-month highs.
Emerging currencies also came under pressure. The South African rand led the fallers, down 1.2 percent against the dollar. The Turkish lira weakened 0.6 percent, slipping back towards last week's 2-1/2-month lows.
MSCI's emerging equity index was down 0.2 percent, having fallen more than 5 percent in the past two weeks as worries over economic growth, particularly in China, have offset the positive impact of a dovish U.S. Federal Reserve.
Data showed Philippines exports fell for the 12th straight month, keeping a lid on the euphoria triggered by the election of tough-talking Rodrigo Duterte as president.
Manila stocks jumped more than 3 percent for their biggest one-day gains since January, and the peso strengthened 0.3 percent against the dollar to near three-week highs, building on Tuesday's 1.26 percent gains.
Other Asian bourses were mixed, with Hong Kong shares down 0.9 percent and Korean stocks down 0.1 percent, but Chinese mainland shares rose 0.45 percent. China's vice premier said the economy faced downward pressure but would be able to meet its growth target for the year.
Bonds issued by Nigeria's Fidelity Bank were marked higher after falling sharply in recent sessions following the arrest last week of its chief executive amid an investigation into the banking sector.
Alan Cameron, an economist at frontier markets specialist Exotix, said he did not see the development as a major market event, at least not until there was more conclusive evidence. Continuación...