* Stocks at 11-wk high, up nearly 9 pct in 2012
* Zloty up 0.5 pct
* Ivory Coast bond yield falls to 12 pct
By Alessandra Prentice
LONDON, Jan 23 (Reuters) – Emerging stocks drifted up
to a fresh eleven-week high on Monday, with uncertainty over
Greek debt talks tempering gains, while the Polish zloty jumped
to near three-month highs on hopes of forecast-beating growth
data.
Emerging stocks have gained over 9 percent in January after
underperforming developed markets last year, as signs of
recovery in the debt-laden euro zone whetted appetite for
riskier assets.
By 1230 GMT emerging stocks were up 0.4 percent,
boosted mainly by strong advances in emerging European markets
where stocks rose 0.8 percent, hovering near
seven-week highs.
However market worries over Greece after negotiations with
private creditors failed limited gains for most emerging markets
on Monday, with investors eyeing a euro zone finance ministers’
meeting on Greek debt restructuring later in the day.
“If you assume there will be a return of risk aversion
related to a conclusion of the Greek legacy, you should also
expect repercussions to be very strong in the whole eastern
European region,” said TD Securities analyst Cristian Maggio.
Continued…
