Emerging-markets stocks swung between gains and losses as the cheapest valuations in more than two years limited declines spurred by concern the global recovery will slow. The MSCI Emerging Markets Index rose 0.1 per cent to 982.11 as of 4:10pm in Singapore, erasing an earlier drop of 1.4 per cent. China\'s Shanghai Composite Index jumped 1.3 per cent, paced by China Eastern Airlines Corp. South Korea\'s Kospi Index added 0.6 per cent, reversing a 4 per cent slump. Russia\'s Micex Index jumped 2.4 per cent, halting a seven-day retreat. Speculation the US recovery is faltering and Europe\'s debt crisis will spread has dragged the emerging markets measure down 15 per cent this month.