Emerging market stocks in biggest fall in 7 weeks

Jakarta

EMERGING-market stocks headed for the biggest drop in seven weeks as an oil rout dragged energy shares lower and a Chinese manufacturing gauge fell. South African equities sank and the ruble slid to a record for a third day.

CNOOC fell to a five-year low in Hong Kong and Sasol tumbled 8.2 per cent in Johannesburg. The DFM General Index fell to a five-month low in Dubai. The ruble weakened 4.2 per cent to 52.6120 per dollar, while the ringgit suffered the steepest two-day slide since 1998. Airlines rallied on optimism oil's drop will help carriers cut their biggest expense. Turkish Airlines rose to the highest level in at least two decades.