Emerging-market stocks are on a winning streak as slow recovery in the developed world offsets concerns over geopolitical tensions.

Emerging market stocks fell on Wednesday, led by concern that valuations were overdone.

Concerns over disruption in Iraq’s crude oil supplies have been abated and both a stronger rand and ruble have seen emerging markets advancing.

Shares in emerging markets dropped from a 13-month high as the rand softened and shares in China, India and Iraq slid.