Emerging markets in Asia generally traded higher led by a rise of 1.6% in Korea and 1.1% in Taiwan. India closed the quarter with the gain of 20%. South Korea and Taiwan closed the quarter with the loss of 4.2% and 2.6% respectively. South Korean shares lost on strong currency as local electronics companies reported decline in profits. Chinese shares in Shanghai and Hong Kong rose 12% and 5.6% respectively. Twenty Seven percent rise in PetroChina led the advance in Shanghai Index. Hong Kong gained 5.6% on steady rise in property and telecom stocks for the quarter.
India led the advance in Asian markets with a gain of 20% on strong economic growth, rising corporate earnings and healthy industrial production. Consumer driven stocks, banks and IT companies were market leaders. Markets in Latin America also showed a strong showing. Brazil index gained 0.42% for the day and 13% for the quarter on strong economic performance and expectations of declining interest rates. Venezuela was the best performing market in the world with a gain of 44%. Strong prices for commodities such as sugar cane and oil helped the index to advance. Russia added 26% for the quarter on strong profits from oil and consumer companies. Lukoil gained 36% for the quarter on 58% jump in profit. Markets in the Middle East were the sole exceptions and most suffered worst declines in three years led by 35% drop in Dubai index.