(Bloomberg) -- Emerging-market stocks pared gains after better-than-estimated U.S. economic reports fueled concern the Federal Reserve will cut monetary stimulus. The rand sank amid the longest South African bond selloff in 15 years.
The MSCI Emerging Markets Index added 0.1 percent to 996.28 at 9:35 a.m. in New York after rising 0.3 percent earlier. India’s S&P BSE Sensex of stocks jumped to a one-month high as ICICI Bank Ltd. surged 6.5 percent, while steelmaker Usinas Siderurgicas de Minas Gerais SA paced a rally in Brazil’s Ibovespa. Foreign investors dumped South African bonds for an 11th straight day yesterday, the longest streak since June 1998, according to JSE Ltd. data compiled by Bloomberg.