March 24 (Bloomberg) -- Emerging-market stocks rose for a second day, led by banks and technology companies, on higher- than-estimated earnings and prospects a strengthening global economy is boosting consumer demand.
Bank of China Ltd., the nation’s third-largest lender, climbed 1.7 percent in Shanghai, as a credit boom fueled a more- than-fourfold surge in earnings. OTP Bank Nyrt., Hungary’s biggest bank, jumped to a six-month high after Citigroup Inc. raised its price estimate. Catcher Technology Co., which supplies casings to customers including Apple Inc., surged the most in 10 months in Taipei after Macquarie Group Ltd. upgraded the stock, citing gains from new computer models.
“The world economic recovery is pretty robust,” said Giles Keating, global head of research at Credit Suisse Group AG on Bloomberg Television in Hong Kong. “In the emerging markets, there is enormous strength, enormous momentum.”
The MSCI Emerging Markets Index rose 0.2 percent to 996.19 at 5:356 p.m. in Shanghai. China’s Shanghai Composite Index and Taiwan’s Taiex Index added 0.1 percent, while Thailand’s SET Index climbed 0.5 percent. In Europe, Hungary’s Budapest Stock Exchange Index gained 1.5 percent while Russia’s Micex declined 0.4 percent, a fifth straight retreat, as oil prices fell.
Chinese banks paced gains in Shanghai on the prospect the nation’s biggest lenders will report record annual profit. Bank of China gained 1.7 percent to 4.22 yuan after fourth-quarter profit climbed to 18.8 billion yuan ($2.8 billion) from 4.42 billion yuan a year earlier, exceeding the 16.47 billion yuan average estimate of analysts surveyed by Bloomberg.
PixArt, Catcher
In Taipei, PixArt Imaging Inc. jumped 6.8 percent to NT$204 for the biggest gain in three weeks, on speculation it’s providing parts to a new handheld player by Nintendo Co., according to KGI Securities Co. Catcher added 7 percent to NT$76.5. The stock’s rating was raised to “outperform” from “underperform” at Macquarie.
Taiwan Semiconductor Manufacturing Co., the largest custom- chip maker, forecast global semiconductor market output will grow 22 percent this year, compared with a previous forecast of 18 percent, the Economic Daily News reported, citing Chairman Morris Chang. The shares gained 1.7 percent to NT$60.6.
Supalai Pcl gained 2.5 percent to 8.2 baht in Bangkok, leading the nation’s developers higher after Prime Minister Abhisit Vejjajiva extended a discount on property-related taxes that were set to expire on March 28 for two more months.
South Korea’s won and the Taiwan dollar strengthened as foreign demand for local stocks and signs of an economic recovery gathering pace in Asia boosted demand for regional currencies. The won gained 0.2 percent to 1,134.70 against the dollar, according to data compiled by Bloomberg. The Taiwan dollar rose 0.1 percent to NT$31.815.
Ruble Weakens
Russia’s ruble dropped 0.2 percent to 29.5856 against the dollar after oil, the nation’s chief export earner, retreated for the first time in three days. Crude fell as much as 78 cents to $81.13 a barrel in New York after an industry report showed U.S. stockpiles at an eight-month high.
OAO Lukoil, Russia’s second-largest oil producer, fell 1.4 percent to 1,641.09 rubles. The company posted fourth-quarter profit of $1.73 billion, according to Bloomberg calculations based on 2009 earnings released today. That missed the median profit of $2.1 billion in a Bloomberg survey of analysts.
OTP Bank jumped 2.3 percent to 7,100 forint after Citigroup boosted the share estimate to 8,450 forint from 7,870 forint.
Eko Holding SA, a Polish grocery chain, jumped as much as 14 percent to 8.22 zloty on its first day of trading in Warsaw.
Chaoda Modern Agriculture (Holdings) Ltd., a Chinese vegetable producer, had the biggest percentage decline on the MSCI Emerging Markets Index, slumping 6.5 percent to HK$8.53, after reporting first-half profit dropped 28 percent.
--Chua Kong Ho in Shanghai and Shiyin Chen in Singapore. With assistance from Susan Li. Editors: Allen Wan, Richard Frost
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