NEW YORK ( TheStreet) -- Reversing two straight weeks of gains, emerging-market indices eroded considerable value last week. Brazil's Bovespa shed the maximum of 3% as economists have revised Brazil's 2011 GDP forecast slightly lower to 3.94% from 3.95%. Further, Brazilian banks and retail stocks pulled back on the expectation of higher interest rates. Meanwhile, China's benchmark Shanghai Composite Index and India's Nifty slipped 0.4% and 0.3% at close last week, respectively.
The S&P 500 and the Dow Jones closed on a positive note last week, gaining 1.8% and 2%, respectively. The U.S. equity markets rose last week as Greek lawmakers passed a five-year austerity package, qualifying the country for further aid. Additionally, the latest report from ADP Employer Services shows that U.S. companies added twice as many jobs as forecast in June.
For the week ended July 6, according to data compiled by international fund tracking firm EPFR, the diversified global emerging-market equity funds attracted $1.36 billion. Overall, inflows into the global equity funds aggregated $6.19 billion. Meanwhile, the MSCI Emerging Markets Index added 1.3%, reflecting a third consecutive weekly gain and its longest rally in three months.
India's Nifty closed the week with only two losers. ICICI Bank (IBN) emerged top decliner shedding 2.6% at close last week as the Reserve Bank of India proposed to cap banks' equity investments in firms, and India's largest lender State Bank of India hiked lending and deposit rates. Meanwhile, Sterlite Industries India (SLT) nudged 0.8% lower last week.On the Shanghai Composite Index, stocks from the SOLAR space such as Yingli Green Energy Holding (YGE - Get Report) and JA Solar Holdings (JASO - Get Report) plunged 14% and 11.5%, respectively. Meanwhile, Canadian Solar (CSIQ) erased 9%, while LDK Solar (LDK), Trina Solar (TSL - Get Report) relinquished 8.6% and 8.5%, respectively. With Bovespa led by a major fall in banks and retailers, Companhia Brasileira De Distribuicao (CBD - Get Report) was among the top losers, down 5.7% at close past week. Braskem (BAK) was at the helm of losers, declining 7.9%. Gafisa (GFA) followed shedding 6.1%. Banking stocks Itau Unibanco Holding (ITUB) and Banco Bradesco (BBD) dived 4.2% and 2.4% respectively. The following stocks are stacked based on last week's gains, least to highest.