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Emerging Stocks Fall to 15-Week Low on Samsung While China Gains

Emerging-market stocks slid to a
15-week low, led by technology companies and raw-material
producers. Israeli shares fell the most in two months while
Chinese equities rose as a manufacturing gauge beat estimates.

Samsung Electronics Co. (005930) sank to a two-year low in Seoul.
South Korean steelmaker Posco tumbled 5.7 percent to lead a
gauge of developing-nation material stocks to a six-month low.
The TA-25 Index lost 0.6 percent after Israel shot down a Syrian
fighter jet. The Shanghai Composite Index added 0.9 percent
while Russia’s Micex Index halted a four-day drop.

The MSCI Emerging Markets Index slid 0.5 percent to
1,034.91 at 9:21 a.m. in London, its fourth day of losses.
China’s preliminary Purchasing Managers’ Index from HSBC
Holdings Plc and Markit Economics was at 50.5, compared with the
median estimate of 50 in a Bloomberg News survey of analysts and
August’s final reading of 50.2. About $574 billion was wiped off
the value of global equities yesterday after China’s Finance
Minister Lou Jiwei damped speculation the government will boost
economic stimulus.

“China’s data today is not enough to boost investors’
confidence on the outlook of the economy.” Akbar Syarief, a
fund manager at PT MNC Asset Management, said by phone from
Jakarta today. “Investors still want the Chinese government to
provide stimulus for its economy.”

Stock Valuations

The emerging-markets stock gauge has risen 3.5 percent this
year and trades at 11 times 12-month estimated earnings, data
compiled by Bloomberg show. The MSCI World Index has advanced
4.1 percent and is valued at a multiple of 15 times.

Seven out of 10 industry groups in the developing-nation
gauge slid, led by technology stocks and raw-material producers.
Tencent Holdings Ltd. sank 1.8 percent to the lowest level since
June 30, after being dethroned as Asia’s biggest Internet
company by Alibaba Group Holding Ltd. (BABA)

South Korea’s Kospi index fell 0.5 percent. Samsung, which
competes with Apple Inc. (AAPL), lost 2.1 percent. Apple sold a record
of more than 10 million iPhones the first weekend two new
versions hit stores, helping Chief Executive Officer Tim Cook in
a push to narrow Samsung’s lead in bigger-screen smartphones.

Posco sank the most since September 2011 on concerns of
further slowdown in China and falling steel product prices, said
Kim Hyun Tae, an analyst at KB Investment Securities Co.

Hyundai Motor Co., South Korea’s largest carmaker, and
affiliate Kia Motors Corp. (000270) fell at least 2.1 percent after their
workers’ unions announced partial strikes.

Airstrikes Launched

Stocks in the Middle East were mixed as the U.S. and its
Arab allies launched airstrikes in Islamic State positions in
Syria. Dubai’s DFM General Index advanced 0.7 percent, while
Kuwait’s SE Price Index slipped 0.3 percent and Qatar’s QE Index
retreated for the third day, losing 1.3 percent.

Israel’s TA-25 Index dropped for a second day. The army
said it shot down a Syrian fighter jet that infiltrated its air
space. The downing of the jet is the most serious incident
between the sides since the outbreak of the Syrian civil war
more than three years ago.

The Shanghai Composite rose the most since Sept. 12 as
China Shipbuilding Industry Co. climbed 1.9 percent and China
CSSC Holdings Ltd. jumped 6 percent. Improving manufacturing
will ease concern about an economic slowdown after data last
week showed foreign direct investment slid to a four-year low
and home prices fell in all but two cities tracked by
authorities.

The Hang Seng China Enterprises Index (HSCEI) of mainland companies
listed in Hong Kong fell 0.3 percent, led by a 6.1 percent drop
in China Longyuan Power Group Corp. after Goldman Sachs Group
Inc. cut the stock’s rating to sell from neutral.

The Micex rose 0.5 percent after falling 4.4 percent in the
previous four days. OAO Lukoil leds gains in the gauge.

The rand gained 0.4 percent, halting a four-day loss. The
SP BSE Sensex index dropped 1 percent while the Jakarta
Composite Index fell 0.6 percent.

To contact the reporter on this story:
Harry Suhartono in Jakarta at
hsuhartono@bloomberg.net

To contact the editors responsible for this story:
Michael Patterson at
mpatterson10@bloomberg.net
Chan Tien Hin, Richard Frost

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