14.01.201504:19:24UTC+00Emerging stocks dragged by commodity price plummet

Emerging market stocks fall after commodity share plunge in copper prices with Jiangxi Copper leading the declines.

The MSCI Emerging Markets Index shed 0.4% to 956.40 in hong Kong with all ten major industry groups retreating with consumer discretionary companies pacing losses. The Shanghai Composite Index shed 0.3% to 3,223.25. The Hang Seng Index and the CSI 300 Index also declined by 0.2% and 0.4% respectively.

Jiangxi Copper plunged by 5.9%, to lead a third consecutive day of declines among material stocks in developing nations. Hyundai Glovis Co. tumbled to its biggest two-day loss.

Meanwhile, Majority of Asian stocks fell as commodity prices plummeted while the yen enters a four-day winning streak versus the dollar. Japanese stocks dropped for a second consecutive day as the yen reached its highest level in four weeks. Chinese stocks advanced most in today’s session after banks surged amid bets of government stimulus to bolster economic growth.

US stocks fluctuated in the trading session with volatility surging. The S&P 500 declined by 0.26% or 5.23 points to 2,023.03. Among the gauge’s ten major industry groups, telecommunications and utilities performed the best while materials and energy were the biggest laggards. The Dow Jones Industrial Average lost 0.15% or 27.16 points to 17,613.68. The measure was able to gain as much as 282 points before erasing gains after commodity prices scaled back. The Nasdaq Composite shed 0.07% or 3.21 points to 4,661.50. The fear gauge of investors or the CBOE Volatility Index surged by 4.9% to 20.56. The trend showed the for every seven stocks climbing, eight dropped. The New York Stock Exchange witnesses 876 million shares change hands while composite volumes reached 4.1 billion.

Meanwhile crude oil prices continued to drop as it reached a six-year low. Brent brought prices well below the $50 mark at $45.19  while West Texas Intermediate priced in at $45.89 per barrel, losing 0.4%