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Emerging Market ETFs Experience Significant Drop

  +Follow August 21, 2013 11:56AM
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Emerging market investors were hit with bad news on several fronts, as distressing economic developments in three separate countries created cause for concern.

India is still reeling on widespread corporate reform meant to address the outdated financial laws that have been manipulated relentlessly by unscrupulous corporations. Simultaneously, the country is taking measures to stop the rapid plunging of the rupee, and the resulting diminished ability of Indian companies to invest abroad.

Meanwhile, Turkey raised interest rates to combat the quickly depreciating value of their currency, the lira. Turkey has been rocked by protests since the late spring, and their economy has in turn remained turbulent. On Aug. 20 the country took drastic measures to prop up the lira, raising rates a whopping 50 basis points.

Another emerging market experiencing major inner turmoil, Brazil, experienced a major setback when their struggling municipal bond market was brought to a complete standstill. On Aug 21 two major banks, Credit Suisse Group (CS) and Bank of America Corp. (BAC) collected $140 million in fees on borrowings, essentially crippling the country's developing bond market.

Emerging market ETFs fell on the bad news. Direxion Daily Emerging Market Bull 3X Shares ($EDC) dropped 6.56 percent to hit $21.50 a share. iShares MSCI Turkey Invest Market Index (TUR) dropped 4.86 to hit $52.58 a share. Direxion Daily Latin America Bull 3X Shares ($LBJ) fell 5.68 percent to hit $18.60 a share. WisdomTree India Earnings ($EPI) fell 4.4 percent to hit $13.70 a share amid high volume.

Direxion Daily India Bull 3X Shares ($INDL) was the biggest loser on the day, dropping 15.29 percent to hit $33.46 a share.

(image courtesy of Wikimedia Commons)

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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19 Sep 14 10:47:45
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Stock_Tracker: $EDC Company News The Emperor Has No Clothes: http://t.co/UnVwmLYEnx
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$EDC Company News The Emperor Has No Clothes: Emerging Market Investing Just Got Simpler 7:33 a.m. Sept. 5, 20 http://t.co/mZFyEdRnjL
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danrocks: $PLUG Picking Up MOMO $ACT $JRJC $T $EDC $GTAT http://t.co/lko6uS1NE1
iHangout
18 Sep 14 08:40:10
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18 Sep 14 08:39:52
leahanne: $EDC Emrg Mkts Bull 3X Direxion (EDC) 31.73 +0.27 http://t.co/QDHiN3QSER
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18 Sep 14 08:39:45
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18 Sep 14 08:39:36
leahanne: $EDC Emrg Mkts Bull 3X Direxion (EDC) 31.73 +0.27 http://t.co/N26hY7Mikj
  The  TURK
18 Sep 14 08:38:27
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18 Sep 14 08:32:57
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leahanne
18 Sep 14 08:26:09
$EDC Emrg Mkts Bull 3X Direxion (EDC) 31.73 +0.27 (+0.86%) $TWTR $ACHN $DDD http://t.co/w4OoMw19Y0
lookn4wins
18 Sep 14 07:50:12
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16 Sep 14 13:04:54
I moved to all cash at the close. All in all a decent day. $EDC $EEM
Iván Santiago
16 Sep 14 09:59:02
$EDC today http://t.co/kwAo41KPyR
Iván Santiago
16 Sep 14 09:57:05
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16 Sep 14 09:15:30
Just sold half of $EDC for almost 4%. Stop at break even on the rest.
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16 Sep 14 08:49:46
$EDC ladies & gents from $31.40.
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16 Sep 14 08:38:56
$EDC (Emerging Markets) buying on recent weakness here.
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16 Sep 14 07:03:24
Bought $EDC 31.40. Stop 30.90
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14 Sep 14 20:14:01
$EDC abangan
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13 Sep 14 10:50:50
RT @wddeguzman: $EDC subsidiary extends supply contract with Capiz to 2040 http://t.co/jGcA6gaPzP
				
				
  +Follow August 21, 2013 11:56AM
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