Emerging markets slide 'near end'

LONDON - The lowest developing-nation equity valuations since January 2009 are a sign that the MSCI Emerging Markets Index's worst tumble in three years is nearing an end, according to strategists at three of the world's biggest banks.

Concern that global economic growth is faltering has sent the measure down 15 percent this month through Tuesday, to 8.9 times estimated profits, 30 percent below the 20-year average, data compiled by Bloomberg and Morgan Stanley show.

The valuations imply that emerging-market earnings will drop about 20 percent in the next 12 months, according to the New York-based bank.