Emerging market shares fell in holiday-thinned trading on Tuesday amid caution ahead of a US Federal Reserve meeting this week as investors brace for yet another rate rise and look for clues on the pace and size of future hikes. Several emerging markets, including mainland China, Malaysia, India, Russia and Turkey among others, were closed on Tuesday for Ramadan and other local holidays.
’s index of emerging market shares fell 0.4% with stocks in South Korea and Taiwan down 0.3% and 0.6% respectively, while South African shares were also trading lower, snapping a three-session winning streak. In Hong Kong, lender HSBC Holdings rose 2.3% after its largest shareholder urged a break-up of the bank to improve returns, while e-commerce giant Alibaba slipped 1.4%. Hong Kong is also set to ease Covid-19 curbs this week.
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