Emerging markets soar while developed markets tread water
Top performers were all in Asia except for Russian telecom Rostelecom
The MSCI Emerging Markets Index ETF EEM rose 1.3%, led by China Shenhua Energy’s H-shares in Hong Kong, which jumped 16% after the company reported a 41% profit increase driven by rising coal prices. The leading coal miner had fallen from a January 2013 peak of HK $35 to just over $10 in February 2016, before the price pickup buoyed China Shenhua to a close of 19.14 overnight. Other movers in the MSCI Index included Alibaba Health Information, Felda Global Ventures and the Chinese telecom equipment maker ZTE. All the top performers in the MSCI EM Index were Asian except for Rostelecom, Russia’s leading national telecom provider.