Emerging-market stocks fell for a third day as technology shares slid and disappointing Chinese earnings fueled concern the world’s second-largest economy is slowing. Indonesia’s rupiah headed for a second week of declines.
Taiwan Semiconductor Manufacturing Co. (TSMC) slumped for a fifth day to cap the longest losing streak in two years. PetroChina Co. sank 2.3 percent in Shanghai after the company posted the lowest annual profit in five years. Industrial & Commercial Bank of China Ltd. (ICBC) slid to a two-week low in Hong Kong after its earnings trailed estimates. The rupiah lost 0.2 percent versus the dollar, while South Korea’s won climbed 0.4 percent.
The MSCI Emerging Markets Index fell 0.3 percent to 959.39 at 2:29 p.m. in Hong Kong, extending this week’s loss to 1.1 percent. The measure has risen 0.3 percent so far this quarter. Data on Friday showed that China’s industrial company profits slid 4.2 percent in the first two months of the year. An update on fourth-quarter economic growth in the U.S. may provide clues on on the timing of interest-rate increases.
The developing-nation measure has advanced 0.4 percent this year and trades at 11.7 times 12-month estimated earnings, data compiled by Bloomberg show. The MSCI World Index has gained 1.9 percent in 2015 and is valued at a multiple of 16.6.
Nine out of 10 industry groups in the emerging-markets gauge declined, paced by technology shares. Taiwan Semiconductor slid 2.1 percent to the lowest level since Feb. 10. At least four analysts published reports saying a stronger U.S. dollar may weaken smartphone chip demand. The Taiex index fell 1.2 percent.
PetroChina, China’s biggest oil and gas producer, retreated from a January high after reporting a 17 percent drop in 2014 net income. The Shanghai Composite Index climbed 0.3 percent as property shares paced gains.
ICBC, the world’s largest lender by assets, sank 1.3 percent. The company posted its first quarterly decline in profit since 2009 as provisions for bad loans more than doubled. The Hang Seng China Enterprises Index lost 0.2 percent.
Equity gauges in Indonesia and India climbed at least 0.1 percent. The rupiah weakened for a third day, extending declines this week to 0.5 percent. The won headed for its steepest weekly gain since August 15.