NEW YORK ( TheStreet) -- Emerging market indices eroded significant value last week on relentless selling, fueled by Greece's growing debt concerns and slowing economic growth in Europe. This resulted in mixed performance in world markets.
India's Nifty slumped 4.0% to emerge top loser, China's Shanghai Composite Index followed, down 3.1%. Brazil's Bovespa shed 2.6%. Meanwhile, the S&P 500 and the Dow Jones snapped the prior week's losing streak and edged up 0.04% and 0.44%, respectively, driven by strong economic data that signaled a slow but steady recovery.
For the week ended June 15, according to data compiled by international fund tracking firm EPFR Global, investors withdrew $811 million from emerging-market equity funds, while U.S. equities attracted $9.8 billion inflow. Meanwhile, the MSCI Emerging Markets Index slipped 2.2% for the week ending June 18 with the technology index shedding the maximum.
Indian stock markets were the top losers in the emerging-market group. Syntel (SYNT) was the only gainer, up by a marginal 0.9%. Rediff.com India (REDF) was at the helm of losers with an 8.4% decline. Cognizant Technology Solutions (CTSH) and iGATE (IGTE) followed, erasing 7.3% and 7%, respectively.On the Shanghai Composite Index, stocks from the electronic components and equipment space such as Harbin Electric (HRBN), A-Power Energy Generation Systems (APWR) and Fushi Copperweld (FSIN) were the biggest decliners last week, plunging 48.4%, 17.8% and 17.3%, respectively. China's solar companies posted substantial gains last week after Google (GOOG) announced its biggest renewable energy investment of $280 million to finance as many as 9,000 installations by U.S. solar company SolarCity, benefitting solar companies across the globe. Also, Chinese banks announced midweek they are providing $10 billion in funding to Chinese companies toward construction of European solar projects. Additionally, GTM Research forecasts that global solar installations will rise from about 17,400 megawatts in 2010 to 20,900 megawatts in 2011. Most of these installations will take place in China, as per a report released by HSBC Research. Meanwhile, top losers on Brazil's Bovespa index were Gafisa (GFA) and Braskem (BAK), relinquishing 9.2% and 6.9%, respectively. Communications stocks, Tele Norte Leste Participacoes (TNE), Brasil Telecom (BTM) and TIM Participacoes (TSU) lost 5.6%, 4.1% and 3.6%, respectively. These stocks are stacked based on last week's gains, least to highest.