11 de mayo de 2016 / 9:22 / en 2 años

EMERGING MARKETS-EM stocks dip, Philippines extends post-election gains

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.

“(President Muhammadu) Buhari is on a wide-ranging anti-corruption drive and no one has been spared from it. So it’s not a huge surprise, and the extent to which people have been negative on these banks for plenty of other reasons, including the oil price - it’s already reflected in the valuations you see,” he said.

Brazil’s Tokyo-listed equity ETF rose 4.6 percent before a Senate vote on whether to put President Dilma Rousseff on trial for breaking budget rules. If approved, she will be suspended for six months during the trial, possibly paving the way for a more market-friendly administration.

Brazilian stocks jumped 4 percent on Tuesday and the real strengthened over 1 percent against the dollar.

Turkish stocks lost 0.8 percent and Hungarian stocks fell around 0.5 percent but Polish shares edged up 0.3 percent and Russian dollar-denominated equities rose 0.45 percent.

The Hungarian forint weakened 0.3 percent against the euro and the Polish zloty slipped around 0.25 percent. On Tuesday a Hungarian central banker said the bank was likely to cut its main interest rate one more time, but after that, further rate cuts were “highly doubtful”.

For GRAPHIC on emerging market FX performance 2016, see link.reuters.com/jus35t

For GRAPHIC on MSCI emerging index performance 2016, see link.reuters.com/weh36s

For GRAPHIC on MSCI emerging Europe performance 2016, see link.reuters.com/jun28s

For GRAPHIC on MSCI frontier index performance 2016, see link.reuters.com/zyh97s

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see ) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg

on year

Morgan Stanley Emrg Mkt Indx 805.45 -1.46 -0.18 +1.42

Czech Rep 865.85 -3.61 -0.42 -9.46

Poland 1827.14 +1.97 +0.11 -1.72

Hungary 26777.72 -122.12 -0.45 +11.94

Romania 6494.74 +19.90 +0.31 -7.28

Greece 622.39 -6.90 -1.10 -1.42

Russia 900.89 +3.78 +0.42 +19.00

South Africa 45837.79 +130.54 +0.29 +0.09

Turkey 78234.11 -568.26 -0.72 +9.07

China 2837.63 +5.04 +0.18 -19.82

India 25602.30 -170.23 -0.66 -1.97

Currencies Latest Prev Local Local

close currency currency

% change % change

in 2016

Czech Rep 27.00 27.01 +0.03 -0.02

Poland 4.42 4.41 -0.25 -3.73

Hungary 314.87 314.20 -0.21 -0.07

Romania 4.49 4.48 -0.11 +0.66

Serbia 122.74 122.69 -0.04 -1.03

Russia 66.26 66.17 -0.15 +10.09

Kazakhstan 333.10 333.85 +0.23 +2.22

Ukraine 25.33 25.15 -0.71 -5.44

South Africa 15.29 15.10 -1.25 +1.10

Kenya 100.60 100.60 -0.00 +1.59

Israel 3.77 3.77 +0.10 +3.17

Turkey 2.97 2.95 -0.56 -1.73

China 6.51 6.52 +0.08 -0.28

India 66.69 66.62 -0.11 -0.74

Brazil 3.47 3.48 +0.10 +14.04

Mexico 18.13 17.99 -0.78 -5.29

Debt Index Strip Spd Chg %Rtn Index

Sov‘gn Debt EMBIG 421 0 .09 7 18.61 1

Additional reporting by Sujata Rao; editing by John Stonestreet

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