London: Emerging-market stocks rose for the first time in three days after comments by Federal Reserve Chairman Ben S. Bernanke bolstered speculation that the global economic recovery will be sustained.
The MSCI Emerging Markets Index gained 0.4 per cent to 893.10 as of 2.57pm in Singapore, snapping a two-day, 3.8 per cent drop.
"If you look over a 6- to 12-month horizon, you're going to see stronger growth in emerging markets," Brian Jackson, a Hong Kong-based emerging-markets strategist at Royal Bank of Canada, said. "We will be looking at some stage to move into those sectors rather than developed markets."
Global emerging-market stock funds took in $1.58 billion (Dh5.8 billion) of inflows in the week ended June 2, the most in 10 weeks, according to EFPR Global, a research firm in Cambridge, Massachusetts, that tracks fund flows. Redemptions from the other three major developing-nation fund groups were "well down" from the previous week, EPFR also said.
Crude oil prices climb as much as 0.8 per cent to $71.99 a barrel in electronic trading on the New York Mercantile Exchange, snapping a two-day loss.
Lukoil, Russia's second-largest oil producer, added 1.1 per cent, while Tatneft rose 1 per cent. Russia's 30-stock Micex index jumped 1.1 per cent.
