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2014.06.1005:11:01UTC+00Emerging market stocks hit 13-month high on upbeat tech shares

Emerging market stocks reached its highest close in 13 months with benchmark indexes boosting as technology shares hit new record highs along with Chinese bank monetary ease in lending.

The MSCI Emerging Markets index gained 0.4% to close at 1,053.60 at 1:55 pm in the Hong Kong market. This figure approaches the highest close since May 9 of last year. With China's central bank announcing yesterday a rectification in its lending policy with various banks cutting 0.5% percentage point in reserve requirements that is supposed to be for the support of small companies and agriculture.

Khiem Do, head of Asian multi-asset strategy at Baring Asset Management Ltd. Stated that global risks have been significantly reduced due to both the Chinese central bank's reserve-ratio cut and boosting technology stocks that are, according to him, “positive”.

LG Display Co. led the rally in technology shares, boosting up by 6.4%. Samsung Electronics Co. also rose 1.9%, recovering from a slump since January. The Agricultural Bank of China Ltd. kept in stride with Hong Kong lenders as it rose to a five-month high.

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