BEIJING, Dec 27 — Emerging-market stocks climbed as Chinese equities rebounded from a four-month low and the Malaysian benchmark index rose to a record. The Indonesian rupiah slumped to the weakest since 2008.

China International Marine Containers Group jumped 14 per cent in Hong Kong after saying it will sell shares to raise funds. Hanjin Shipping Co soared by the 15 per cent daily limit in Seoul on a planned stake sale in a bulk-carrier unit. Thailand’s SET Index dropped 1 per cent amid continued unrest. South African shares rose after a two-day holiday.

The MSCI Emerging Markets Index gained 0.4 per cent to 996.74 at 3.12pm in Hong Kong, on course for its first weekly advance in four weeks. The Standard & Poor’s 500 Index rose to an all-time high yesterday after a decline in US jobless claims fuelled optimism in the world’s biggest economy. Chinese stocks rallied as valuations declined to a five-month low and money-market rates slid for a fourth day, poised for the biggest weekly drop since 2011.

“Valuations are low and that supports a rebound after a sharp decline,” said Wei Wei, an analyst at West China Securities Co in Shanghai.

All 10 industry groups in the emerging-markets index advanced. The measure’s 30-day historical volatility, a gauge of price swings, fell to the lowest level since March. The index is valued at 10.5 times projected 12-month earnings, compared with the MSCI World Index’s 14.8 times.

China valuations

The Shanghai Composite Index gained 1.4 per cent to 2,101.25, rebounding from a 1.6 per cent loss yesterday, when the measure’s valuation dropped to 8-times forward earnings, the cheapest since July 31. Most stocks on the Hang Seng China Enterprises Index of mainland companies rose as Hong Kong’s markets resumed after a two-day holiday.

China International Marine surged the most in 11 months after the company said it will raise HK$3.86 billion (RM1.64 billion) from the sale of 286 million shares.

China’s seven-day repurchase rate, a gauge of funding availability in the banking system, declined 24 basis points to 5.09 per cent today. The yuan strengthened 0.1 per cent to 6.0682 per dollar after earlier touching 6.0670, the highest level since 1993.

Turkey’s Borsa Istanbul National 100 Index fell 0.7 per cent, heading for its lowest close since August 2012, after Prime Minister Recep Tayyip Erdogan’s cabinet overhaul failed to soothe investors amid a deepening corruption scandal. Turkiye Halk Bankasi AS dropped 2.6 per cent, set for its lowest close since May 2012.

Rupiah weakens

The FTSE Bursa Malaysia KLCI Index rose 0.8 per cent to an all-time high. The ringgit is heading for its 10th week of declines, its longest losing streak in almost 21 years. Sime Darby Bhd and IOI Corp, which earned more than three-quarters of their 2012 revenue overseas, climbed at least 0.7 per cent.

The Indonesian rupiah weakened 0.6 per cent to 12,278 per dollar, the lowest level since December 2008, on concern capital outflows spurred by the planned US stimulus reduction will leave the currency more vulnerable to the nation’s current- account shortfall.

Thailand’s SET Index fell the most among major Asian benchmarks on concern worsening political unrest will spur further capital outflows. Global funds sold a net US$77.5 million (RM255.2 million) of the nation’s stocks yesterday, extending this year’s selloff to US$6.19 billion, the most since at least 1999.

The Election Commission urged the government to delay a Feb 2 poll as protesters sought to block candidates from registering.

Escalating violence

“There does seem to be an escalation in the violence there, which would be worrying investors,” Andrew Sullivan, a director for sales trading at Kim Eng Securities Hong Kong Ltd, said by phone. “There’s a lot of uncertainty.”

Hanjin Shipping Co, South Korea’s biggest sea cargo carrier, jumped on speculation the sale of a stake in its bulk-carrier unit will help ease a cash shortage. KT&G Corp and SK Telecom Co dropped at least 3.2 per cent in Seoul as they traded without rights to a dividend. The Kospi Index climbed 0.2 per cent.

South Africa’s FTSE/JSE Africa All Shares Index added 0.4 per cent. Shares of BHP Billiton Plc and Naspers Ltd rose at least 0.8 per cent. — Bloomberg