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Tech rally propels emerging stocks to best week in 4 months

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Emerging-market stocks rallied on Friday, driven by tech companies in Asia, following U.S. data which boosted investor optimism that the world’s biggest economy will avoid a recession.

Buildings at the Taiwan Semiconductor Manufacturing Co. campus in Hsinchu, Taiwan. --

Bulls took advantage of the selloff last month and in early August to increase or establish positions in many asset classes including emerging-market equities and bonds, according to Rajeev De Mello, chief investment officer at Gama Asset Management. The MSCI gauge for emerging currencies was little changed, with South Africa’s rand outperforming. The currency rose for a ninth day, the longest run since 2011. South African assets have rallied since a business-friendly coalition took power two months ago and the country’s economic data began improving. Inflation has fallen since February, relieving the pressure on the central bank to keep interest rates high.

 

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