An equity gauge for emerging markets extended gains as Saudi stocks rallied on plans to relax the kingdom’s foreign ownership rules and Alibaba Group Holding Ltd.’s jumped after ramping up its AI spending.
The MSCI’s benchmark for EM stocks rose 0.4%, advancing for a third day and hitting the highest level since July 2021. Tech blue chips Alibaba, which surged to a four-year-high, and Tencent Holding Ltd., as well as Saudi banks, were the main contributors.