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Sunday, March 31, 2013

Emerging stocks rise to two-week high

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Emerging stocks rise to two-week high
Mar 31st 2013, 23:00

Emerging-market stocks rose to a two-week high, paring the worst start to a year since 2008, as investors speculated that South Korea will announce measures to aid the nation's property market and Turkey's trade deficit unexpectedly narrowed.

Bloomberg News reported on Friday that Hyundai Development Company jumped to an 11-month high in Seoul.

NHN Corporation, a South Korean search-engine operator, advanced the most since March 19 after Shinhan Investment Corporation said prospects of its mobile messenger application would bolster its share price.

The MSCI Emerging Markets Index added 0.2 per cent to 1,034.4 at 4:35 p.m. in Moscow, trimming its quarterly decline to two per cent, with 217 stocks advancing and 86 falling.

South Korea announced on Thursday that it would unveil a stimulus package in April to spur the property market and revive an economy that the government expects to grow by 2.3 per cent this year, lower than a three per cent forecast made in December.

"Most governments are trying to implement policies to boost economic growth and employment," said Prapas Tonpibulsak, who helps manage about $5.5bn as Chief Investment Officer at Krungsri Asset Management Company in Bangkok. "This should benefit equity investments."

South Korea's Kospi Index climbed by 0.6 per cent to a three- week high. The Istanbul Stock Exchange National 100 Index advanced by 0.6 per cent, and Russia's Micex Index swung between gains and losses.

Most markets were shut in Asia, Europe and Latin America for holidays.

Trading volumes were 67 per cent less than the 30-day average for the Micex, 8.6 per cent below for Turkey's benchmark gauge and 5.7 per cent under the average on the Kospi.

Sabanci added 1.9 per cent.

Tofas Turk Otomobil Fabrikasi AS, the Turkish carmaker co-owned by Fiat SpA, jumped 2.7 per cent.

The trade deficit was $6.96bn in February, down from $7.29bn the previous month. The median estimate among six economists in the survey predicted an $8.8bn shortfall. Exports rose by 5.8 per cent to $12.4bn in the month compared with February last year, while imports climbed by nine per cent to $19.4bn.

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