Emerging Stocks Rise 3rd Day on China Stimulus, Greek Poll Shift

Bloomberg News – By Weiyi Lim and Jason Webb – May 28, 2012

Emerging-market stocks rose for a third day as opinion polls of Greek voters eased concern the country will exit the euro area and speculation mounted that China will take steps to boost its economy.

Reuters/Bobby Yip

The MSCI Emerging Markets Index (MXEF) rose 0.7 percent to 908.28 as of 10:24 a.m. in London. The Hang Seng China Enterprises Index (HSCEI) of Chinese companies listed in Hong Kong climbed 1.1 percent. Anhui Conch Cement Co. (914) climbed 3.9 percent after Credit Suisse Group AG said China’s government is accelerating investment approvals. The Micex Index jumped 1.2 percent in Moscow and the FTSE/JSE Africa All Share Index (JALSH) gained 0.8 percent as oil and metal prices advanced.

China is speeding up investment approvals to support growth, with the size of stimulus estimated at between 1 trillion yuan ($157.7 billion) and 2 trillion yuan, Dong Tao, an economist at Credit Suisse, wrote in a note today. Greece’s New Democracy, which supports the European Union’s bailout plan, was placed first in all six opinion polls published on May 26 as campaigning continued for a general election next month.

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