Seoul: Emerging-market stocks rose last week for the first time onFriday, paring their weekly loss, after Tata Steel Ltd and Korean Air Lines Co reported profits, offsetting concern the global economic recovery is slowing.
The MSCI Emerging Markets Index climbed 0.4 per cent to 980.47. The gauge slid 3 per cent last week, the first drop in four weeks. South Korea's Kospi Index gained 1.4 per cent. Brazil's Bovespa index of stocks climbed the most in nine days.
Genting Bhd, Asia's second-biggest listed casino operator, surged 6.2 per cent in Kuala Lumpur after its Singapore unit reported second-quarter profit of S$396.5 million ($291 million) compared with a loss a year earlier.
Tata Steel Ltd, India's largest producer, added 1.4 per cent after it turned to a first-quarter profit and Korean Air Lines Co, an air-cargo carrier, climbed 2.8 per cent after reporting record operating profit.
"We saw down days in the last few days, there's some bargain hunting today, boosted by earnings such as Genting, which made a lot of difference and helped in the overall index movement," said Pankaj Kumar, who oversees about $560 million as chief investment officer of Kurnia Insurans Malaysia Bhd. Still, "the headwinds that come from the US will still have implications on the outlook."
Sales at US retailers rose less than forecast and consumer confidence held near an eight-month low, indicating the economic slowdown will persist into the second half of 2010.
Russian stocks lost 0.3 per cent, paced by declines in Sberbank and Gazprom, as European shares fell on concerns about the Greek and Spanish economies. The Czech koruna fell against the euro.
China's Shanghai Composite Index rose 1.2 per cent, trimming the steepest weekly loss in more than a month to 1.9 per cent, on the prospect the government won't further tighten lending and property curbs given the slowdown in the economy.
Brazil's Bovespa stock index gained for a second day as homebuilders climbed after Rossi Residencial SA said profit doubled and Tam SA surged after announcing a combination with Chile's Lan Airlines SA.
