BENGALURU/SHANGHAI • Emerging market stocks rose yesterday, helped by Chinese shares clocking their best day in a week and a half on signs of more stimulus, while developing world currencies broadly firmed against a soft dollar ahead of Britain's parliamentary vote on Brexit.
MSCI's developing world stocks benchmark rose 1.1 per cent and was near a six-week peak, pushed up by gains in index heavyweights China, South Korea and Taiwan, which all ended at least 1 per cent higher.
Turkey's lira softened 0.4 per cent. Unemployment in the country ticked up to 11.6 per cent in the September-November period from the August-October period, data yesterday showed.
South African stocks were on pace for their highest closing level in more than two months.
The rand weakened on technical factors as the dollar-rand pair started trade in close proximity to the 200-day moving average, after which bullish technical traders pushed the pair up as much as 0.4 per cent.
Russia's rouble was little changed with the central bank set to resume foreign exchange purchases after a five-month hiatus. Higher oil prices helped Russian stocks rise 0.6 per cent.
A rally in emerging market local currency government bonds saw the yield on JP Morgan's GBI-EM index hit its lowest level since May. The index saw its yield drop to 6.394 per cent, having stood at almost 6.7 per cent in mid-December.