PT Jamsostek, Indonesia’s biggest pension fund, said the nation’s benchmark stock index will extend losses, giving the manager an opportunity to boost equity holdings amid optimism about the country’s economic growth.
Emerging-market stocks fell, led by Thai and Turkish shares, as concern grew that the Federal Reserve will signal reduction in stimulus. India’s rupee and Russia’s ruble paced losses among developing-nation currencies.
The forint fell the most in more than a week on speculation that Hungary’s planned tax increases will hurt economic growth and as investors awaited a signal from the U.S. Federal Reserve about when it will taper stimulus.
The Moscow Exchange is joining with Bank of New York Mellon Corp., the world’s largest custody bank, to ease conversion between Russian stocks and depositary receipts as it changes rules to lure foreigners to domestic equities.
Emerging-market stocks rose a second day, led by Russian shares, as investors awaited this week’s Federal Reserve policy meeting. Turkey’s lira slumped after riot police stepped up their crackdown on protesters.
The Czech Civic Democrats and their coalition partners are working to quickly replace Petr Necas as premier to keep the conservative government in power through 2014 and fend off Socialist attempts to force early elections.