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Fast-charging emerging market stocks were entered so-called “bull market” territory on Monday, as another China-driven surge in Asia’s biggest bourses pushed MSCI’s main EM index 20% above its last major trough back in October.

The MSCI Emerging Markets Index, which jumped 2.4% in its fifth straight sessions of gains on Monday, covers 24 countries and almost 1,400 firms.

Since hitting a near 2-1/2 year low in October, a combination of easing global borrowing costs, a weaker dollar and China lifting its COVID-19 restrictions has seen the index recover more than half the ground it had lost in the preceding 10 months.

Chinese stocks, which account for a third of the MSCIEF index and far more when China-focused firms listed elsewhere are included, have surged almost 45% since the lows.

Taiwanese stocks and South Korean stocks which have respective 13.8% and 11.3% MSCIEF weightings have also jumped roughly 18% and 20%.

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