Singapore: Emerging-market stocks rose for a second day yesterday, led by the biggest advance in technology companies since September, on speculation a sustained global economic recovery will boost profits.
The MSCI Emerging Markets Index gained one per cent to 977.51 at 8.06am in New York, heading for the highest closing level in seven days.
Technology shares, one of 10 industry groups in the MSCI gauge, jumped 2.7 per cent for the biggest surge in eight months.
South Korea's won strengthened 1.4 per cent versus the dollar for the top gain among emerging-market currencies.
Indian software-services provider Infosys Technologies rose for a second day and Taiwan's Hon Hai Precision Industry advanced 2.8 per cent after International Business Machines, the world's largest computer-services provider, said earnings per share may nearly double by 2015.
The MSCI gauge has rallied 5.5 per cent this week as European leaders unveiled a $1 trillion lending package and reports showed the region's economy was expanding.
This eased concern that budget deficits from Greece to Spain will derail growth.
Nakheel PJSC, the Dubai World-owned property company seeking to restructure $10.5 billion of debt, transferred $980 million to repay an Islamic bond maturing yesterday, a Dubai government spokeswoman said.
Infosys advanced 0.9 per cent, helping send India's Bombay Stock Exchange Sensitive Index to a 0.4 per cent gain.
Samsung Electronics, Asia's biggest chipmaker, rose three per cent for the biggest increase in six weeks.
Taiwan's Hon Hai Precision Industry, maker of Apple iPhones and Hewlett-Packard computers, increased 2.9 per cent.
IBM said late Wednesday operating profit would jump to $20 a share by 2015, helped by cost savings and demand for its software.
Earnings per share would grow more than 10 per cent this year, to at least $11.20.
