“Beyond easier policy a reversal of the underperformance of EM equities would require clear signs of data acceleration, which we have not yet seen,” Goldman Sachs Group Inc.’s economists including Jose Ursua in New York said in an e-mailed report dated yesterday.
Thailand’s SET Index slumped 1.5 percent while Taiwan’s Taiex Index retreated 1.9 percent, the most since April 8. South Korea’s Kospi index sank 1.2 percent
Gauges of all 10 industry groups in the MSCI Emerging Markets Index dropped, led by technology and energy companies, which lost at least 2.5 percent. Taiwan Semiconductor lost 3.6 percent, its third day of declines. Cosco Pacific fell the most since April 29.
Daewoo Slides
Daewoo International Corp. tumbled 5.7 percent in Seoul after Mirae Asset Securities Co. cut its share-price estimate to 45,000 won from 50,000 won, citing a dim industrial outlook.
PT Media Nusantara Citra plunged 9.7 percent in Jakarta. Saban Capital sold its $85 million stake in Media Nusantara, according to two people familiar with knowledge of the matter.
The MSCI developing-nations gauge has fallen 2.6 percent this year, compared with a 12 percent increase in the MSCI World Index of developed-country stocks. The emerging-markets measure trades at 10.5 times 12-month projected profit, compared with the MSCI World’s 14 times, data compiled by Bloomberg show.