Oct. 29 (Bloomberg) -- Emerging-market stocks fell, paring the benchmark index's second monthly gain, on concern China's measures to contain inflation will curb growth and as South Korean industrial production slowed. The MSCI Emerging Markets Index declined 0.2 percent to 1,100.12 at 11:21 a.m. in London. The gauge has risen 2.3 percent this month. The Shanghai Composite Index slid 0.5 percent. South Korea's Kospi index slipped 1.3 percent. South Korean output in September increased 3.9 percent from a year earlier, the statistics office said today. That was the slowest pace in 11 months and less than the median estimate of an 8.7 percent increase in a Bloomberg News survey of 14 economists. Concerns about Chinese inflation also reappeared after the banking regulator said banks should be more careful about making property loans. "Investors are concerned over China's direction because a lot of economies depend on it," said Rico Gomez, who helps manage about $1 billion at Manila-based Rizal Commercial Banking Corp. "A good chunk of businesses in emerging markets are going to China. If China raises rates, there will be pressure for emerging markets to follow." Traders were also awaiting third quarter U.S. gross domestic product data at 8:30 a.m. in Washington. The economy expanded by 2 percent from 1.7 percent in the preceding quarter, according to the median estimate from 83 economists surveyed by Bloomberg. The Federal Reserve is pondering whether and to what extent to try to stimulate the economy with more asset purchases at its meeting from Nov. 2 to Nov. 3. Ruble, Rand The ruble depreciated 0.7 percent to 30.8756 to the dollar, on course for its fourth straight day of declines, as the central bank left its main interest rates unchanged for a fifth month on concern the economy may be slowing. Crude oil slumped 0.8 percent to $81.53 in New York. Copper slid 1.9 percent in London, paring a fourth monthly gain, as a stronger dollar eroded demand for industrial metals as an alternative investment. Russian silver and gold producer OAO Polymetal retreated 1.3 percent in Moscow. China Vanke Co., the nation's biggest developer, dropped 1.6 percent in Shanghai. Industrial & Commercial Bank of China, the largest lender, sank 2.2 percent. Chinese banks need to "closely monitor" risks in property loans, Liu Mingkang, chairman of the China Banking Regulatory Commission, said in a statement posted on the regulator's website yesterday. Banks need to better manage liquidity risk and loans to local government financing vehicles, the statement said. Zloty Samsung Electronics Co. fell 2.5 percent after the world's biggest maker of televisions, memory chips and flat screens forecast a drop in quarterly earnings. India's Bombay Stock Exchange Sensitive Index rose 0.5 percent while Taiwan's Taiex Index decreased 0.8 percent. The Philippine Stock Exchange Index added 0.2 percent, making a 4.1 percent gain this month. The rand depreciated 0.5 percent to 7.0269 to the dollar. The Polish zloty headed for its first monthly loss in four versus the euro after the central bank kept interest rates at a record low on Oct. 27, rejecting calls from some policy makers to raise borrowing costs as economic growth accelerates. The zloty retreated as much as 0.6 percent to 4.0002, the lowest level since Sept. 1. --With assistance by Berni Moestafa in Jakarta. Editors: John Kohut, Alex Nicholson.

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