Emerging Tech Stocks Rise to 2000 High; Samsung at Record
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Emerging-market technology stocks surged to the highest level since the peak of the dot-com bubble in 2000 and Samsung Electronics Co.’s market value surpassed $200 billion for the first time amid growing confidence earnings will increase.
The MSCI Emerging Markets Information Technology Index advanced 1 percent to 270.86 at the close of trading in New York, the highest since April 2000. Samsung, the biggest maker of televisions and mobile phones, gained 1.8 percent and its market value reached a record $218 billion. SK Hynix Inc. and Chimei Innolux Corp. rose 4.2 percent and 6.8 percent respectively after analysts said profits will improve. Brazilian homebuilder Gafisa SA rallied to a nine-month high.