NEW YORK ( TheStreet) -- Emerging market indices experienced pressure last week over eurozone sovereign debt concerns and the threat of a downgrade on U.S. debt. Extending prior week's losses, Brazil's Bovespa emerged top loser, declining 3.3%. Brazil recorded net outflows of $72 million at close last week. Meanwhile, China's benchmark Shanghai Composite Index was the only gainer with a marginal 0.4% increase. India's Nifty nudged 0.7% lower.
With the federal government announcing the quantitative easing program, the S&P 500 and the Dow Jones shed a significant 2.1% and 1.4%, respectively. Meanwhile, Moody's Investors Service has placed the U.S. Aaa rating on review for a possible downgrade.
For the week ended July 13, according to data compiled by international fund tracking firm EPFR, long-only dedicated emerging-market equity funds accounted for net inflows of $878 million, while the broader global emerging market funds had net inflows of $1.02 billion.
India's Nifty closed the week with only five gainers. Among technology stocks, Infosys (INFY) was the top decliner, shedding 8.7%, while Wipro (WIT) erased 6% and Syntel (SYNT) fell 4.4%. As known last week, India's June car sales grew at the slowest pace, and Tata Motors (TTM) dropped 4.4%.On the Shanghai Composite Index, stocks from the real estate and homebuilders industry eroded significant value after a report cited that China's real estate sector could be affected by Beijing's efforts to cool the overheated property market. Stocks like, E-House (China) Holdings (EJ), China Housing & Land Development (CHLN) and Xinyuan Real Estate (XIN) wiped out 16.1%, 12.7% and 6.8%, respectively. With the Bovespa as the top loser among emerging market indices, there were only five gainers in the Brazilian market. Airline stocks, Gol Linhas Aereas Inteligentes (GOL) was among the top decliner, plunging 12.1% followed by TAM (TAM) with a 2.1% drop. Banking stocks Itau Unibanco Holding (ITUB) and Banco Bradesco (BBD) slumped 9.3% and 7.6%, respectively. Below, the stocks are stacked based on last week's gains, least to highest.
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