Emerging market index snaps winning streak

London: Developing-nation stocks declined for the first time in eight days, pushing the MSCI Emerging Markets Index down from its highest level since June 2008, on speculation recent gains were excessive.

The gauge lost 0.3 per cent to 1,199.42 in London, halting a seven-day, 5.7 per cent advance. Russia's Micex Index, which also hit the highest since mid-2008 on Wednesday, slid 0.9 per cent. Turkey's index fell 0.8 per cent and Hungary's BUX Index fell 0.7 per cent.

MSCI's developing-nation index rallied 10 per cent through April 6 from a three-week low on March 17. The gauge's relative strength index closed at 76.4 on Wednesday, above the 70 threshold that suggests an asset will decline. "Investors are taking a breather following recent strong gains," said Chu Moon Sung, a Seoul-based fund manager.