Emerging Stocks Advance for First Time in 2014 on Economy
Emerging-market stocks rose for the first time this year after the International Monetary Fund announced today that it will boost its forecast for world economic growth. The MSCI Emerging Markets Index added 0.1 percent to 972.38 at 12:32 p.m. in New York, snapping a five-day decline. Egypt’s EGX 30 Index rallied to a three-year high as EFG-Hermes Holding SAE, the nation’s largest investment bank, surged. However, the Borsa Istanbul 100 Index fell 1.9 percent after JPMorgan Chase & Co. cut its recommendation for Turkish shares. South Africa’s rand led losses among developing-nation currencies.