NEW YORK (TheStreet) - Global indices ended in the red this week amid ongoing U.S. debt woes. Compared to the emerging markets, U.S. indices suffered bigger declines. India's Nifty slumped 2.8%, marking the highest fall. Brazil's Bovespa followed declining 2.6%, while China's benchmark Shanghai Composite Index dipped 1.9% at close last week.
The S&P 500 and the Dow Jones shed the most of 3.2% and 3.8%, respectively. During the past week, most of the stocks across the index declined as the U.S. government's failure to strike a deal on the national debt ceiling left the markets nervous.
For the week ended July 20, according to data compiled by international fund tracking firm EPFR, investors directed $322 million of fresh capital towards locally denominated emerging market bonds in order to snap up some quick gains from currency appreciation. Further, positive foreign exchange effects pushed the total assets under management at emerging market bond funds by $50 million over the past week.
India's Nifty closed the week with only two gainers. Sify Technologies (SIFY) emerged the top decliner shedding 13.5% at close last week. Meanwhile, Rediff.com India (REDF) nudged 8.9% lower after the company recorded a higher loss of $2.3 million as compared to $1.2 million in the year-ago quarter. iGATE (IGTE) lost 8%.
>> Get your financial news on the go with TheStreet's iPad app. On the Shanghai Composite Index, stocks from the electrical components and equipment sector such as Advanced Battery Technologies (ABAT) and Harbin Electric (HRBN) plunged 22% and 15.5%, respectively. Meanwhile, pharma stocks Synutra International (SYUT) and China Shenghuo Pharmaceutical (KUN) erased 9.8% and 7.4%, respectively. On the Bovespa, there were only four gainers last week. Braskem (BAK) was the top loser erasing 11.8%. Embraer (ERJ) followed, shedding 9.1%. Airline stocks Gol Linhas Aereas Inteligentes (GOL) and TAM (TAM) dived 8.1% and 7.0%, respectively. Below, the stocks are stacked based on last week's gains, least to highest.Select the service that is right for you!
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