LONDON, Nov 6 (Reuters) - Emerging shares rose on Tuesday,
tracking Western markets and led by robust gains in Russia and
South Africa, though Turkish stocks came off record highs hit a
day earlier on a credit rating upgrade.
MSCI's emerging stocks rose 0.35 percent, though
the mood was cautious ahead of a knife-edge U.S. presidential
election.
Stocks in Istanbul slipped 0.3 percent after rising
1.8 percent on Monday for their biggest daily gain since
end-August after Fitch raised Turkey's sovereign rating to
investment grade.
The lira gained 0.26 percent against the dollar,
hitting a three-month high, and benchmark bond yields stayed at
record lows.
"We expect the positive mood in the (Turkish) forex market
to continue after Fitch's upgrade," wrote Tufan Comert, a
strategist at Garanti Securities in Istanbul.
Russian stocks rose 0.5 percent after data showed
Russia's service sector grew at its fastest rate in 17 months in
October.
South Africa's benchmark equity index rose 0.4
percent, hitting a lifetime high as shares of platinum mining
firms and financial companies gained.
In central Europe, Hungarian stocks rose over 0.4
percent. The minister in charge of the country's talks with
international lenders said it could finance its debt in the
forint markets now. Aid discussions could resume this year, he
added.
The Czech crown fell 0.34 percent after the data
showed industrial production fell 7.1 percent on an annual basis
in September, indicating the Czech economy likely stayed in
recession in the third quarter.
The Czech Republic cut interest rates last week, reducing
the main rate to 0.05 percent, among the lowest in the world.
Earlier Hong Kong shares fell for the second straight
day after closing at their highest level of the year on Friday
as investors took profits. Shanghai stocks fell 0.38
percent after hitting an 11-day high on Monday.
(Reporting by Shadia Nasralla; Editing by John Stonestreet)
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