Continuing on a pattern from Friday, emerging market ETFs had a solid run on the exchanges Monday, leading the charge with nine of the top ten rising funds on the day.
The iShares S&P India Nifty 50 Index (
INDY) jumped 2.49% to boast the biggest rise on the exchange, followed by Powershares India (
PIN) at 2.44%, and iShares MSCI India (
INDA) up 2.3%.
All three of the above-mentioned ETFs have been on an upward trajectory since February, with INDY up 13% since February 1.
News that Russia was making efforts to become a trusted Indian trading partner, and offering to ship
substantial amounts of crude oil reserves to the country got markets interested in the country.
The Teucrium Corn ETF (
CORN) rose 1.84%, continuing its roll forward since January, while funds backing China, Latin America, South Africa and Brazil followed in the 1% range.
Of the decliners on the day, the Market Vectors Junior Gold Miners ETF (
GDXJ) lost a whopping 6.7%, while Global X Silver Miners (
SIL) and Market Vectors Gold Miners (
GDX) lost 5.4% and 4.6% respectively.
Gold took its pounding when gold futures took the largest drop in the last 13 weeks after the potential for higher US interest rates led to profit taking in the sector.
Biotech, pharma and health care ETFs lost almost across the board in the 2-4% range.