Emerging Market Bloodbath in iShares MSCI Emerging Markets ETF (EEM, quote) and Vanguard FTSE Emerging Markets ETF (VWO, quote) sledded through the 200 day moving average in a way it hasn’t in a long time.
Why the heavy move today? The day started with weaker than expected China PMI and layer in 3 other important technical and fundamental issues.
3. The MSCI EM Index counts Samsung and Hyundai as its #1 and #12th heaviest weighted stocks. Samsung was -4.6% as the company's CEO expressed concern over hardware reliance. Hyundai said sales growth will be weakest in over 8 years as competition gets worse and the weaker Yen is hurting Won exports.