Tags: Emerging | Stocks | Apple | Tech

Emerging-Market Stocks Rise as Apple's Profit Spurs Tech Rally

Thursday, 24 Apr 2014 05:46 PM

Emerging-market stocks advanced Thursday for the first time in four days as technology companies surged to a record after better-than-estimated earnings at Apple Inc. Turkey’s lira led gains among the world’s major currencies.

The MSCI Emerging Markets Index rose 0.1 percent to 1,004.46, erasing an earlier decline. A measure of technology stocks climbed to the highest since at least 1995 as Samsung Electronics Co. jumped. The lira appreciated after Turkey’s central bank resisted government pressure to cut interest rates. Russia’s dollar-denominated RTS Index led losses in global equity gauges on concern the crisis in Ukraine will escalate.

Technology shares had the biggest gain among 10 groups in the gauge for developing-nation stocks after Apple, the world’s most valuable company, reported it sold more iPhones than anticipated and lifted its payout to shareholders. Emerging-market equities fell earlier as President Vladimir Putin warned Ukraine against continuing its anti-separatist offensive after government troops killed five rebels and prompted Russia’s military to begin new drills on the two nations’ border.

“The strength in the tech sector reflects some of the better-than-expected earnings reports we’ve been getting,” Walter “Bucky” Hellwig, who helps manage $17 billion at BB&T Wealth Management in Birmingham, Alabama, said by phone. “The situation in Ukraine scared some money out earlier, but it wasn’t enough to keep the selling all day long.”

The iShares MSCI Emerging Markets Index ETF added 0.1 percent to $41.38. The premium investors demand to own emerging-market debt over U.S. Treasurys was unchanged at 293 basis points, according to JPMorgan Chase & Co.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Markets
Emerging-market stocks advanced Thursday for the first time in four days as technology companies surged to a record after better-than-estimated earnings at Apple Inc.
Emerging, Stocks, Apple, Tech
255
2014-46-24
Thursday, 24 Apr 2014 05:46 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved