Emerging ETF Sinks Most Since July On Declining Earnings

October 24, 2012

 

The iShares MSCI Emerging Markets Index Fund (NYSEArca: EEM) sank 2.1 percent on Tuesday, its largest one-day loss since July 23, as major companies like Posco and OAO Gazprom stocks fell after disappointing earnings reports, according to a Bloomberg article.

Nearly 63 percent of the companies in EEM’s underlying index failed to match their projected quarterly earnings reports, according to Bloomberg.

As an example, South Korea-based Posco, the world’s third-largest steel maker, saw its stock fall to its lowest level since March 2009 after releasing third-quarter earnings and cutting its sales forecast for the third time this year, the article said.

Head over to Bloomberg.com for the full story.

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