Emerging-market stocks rose for the first time in three days as oil prices helped boost commodity producers and disappointing U.S. data spurred speculation the Federal Reserve will delay raising interest rates.
The MSCI Emerging Markets Index rose 1.6 percent to 733.19 at 12:10 p.m. in Hong Kong, with all 10 of its industry groups rising. The gauge is valued at 10.8 times its projected 12-month earnings, compared with a multiple of 14.9 for the MSCI World Index of developed-nation equities.
Asian shares rallied on Thursday as speculation the U.S. Federal Reserve might opt to not raise interest rates at all this year hammered the dollar and sparked a huge rally in oil prices.
In China, the Shanghai Composite Index gained 1.8 percent as trade wound down ahead of the Lunar holidays. Hong Kong stocks leaped 1.7 percent, in part because the U.S. dollar's fall lessened strains on the HK dollar's peg.
Japanese investors, however, seemed less happy with the yen's newfound strength against the dollar and nudged the Nikkei down 0.7 percent.
European equities bounced back in early trading on Thursday, with commodities-related shares surging after a sharp decline in the U.S. currency that made dollar-priced crude oil and metals cheaper for holders of other currencies.
Reference: Bloomberg, Reuters
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