(Bloomberg) -- OPEC production cuts may not lend as much support to emerging-market stocks as they have historically. The correlation between oil and equity markets in major producers such as Saudi Arabia, Russia and Nigeria has fallen this year, with the indexes now moving in the same direction as crude less than 40 percent of the time. The weighting of energy shares in the MSCI Emerging Markets Index has halved to 7.2 percent in the past five years as financial and technology stocks became more dominant.
To contact the reporter on this story: Srinivasan Sivabalan in London at ssivabalan@bloomberg.net. To contact the editors responsible for this story: Daliah Merzaban at dmerzaban@bloomberg.net, Cecile Gutscher
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