Emerging-market stocks dropped to a five-month low as concern deepened that Europe\'s debt crisis will reduce developing-nation exports and curb demand for riskier assets. The MSCI Emerging Markets Index declined 1.6 per cent to 904.39 in Hong Kong, erasing a two-day gain. The gauge is poised for its lowest close since December 20. Benchmark indexes in South Korea, Taiwan, Russia and China fell more than 1 per cent. \"Things will definitely have to slow for exports from Asia to Europe,\" Lye Thim Loong, who manages $500 million of assets at Libra Invest Bhd., said by phone in Kuala Lumpur. \"As we progress toward the second half, I think things may worsen.\" The MSCI Emerging Markets Index has fallen 1.4 per cent this year, while the MSCI World Index of developed nations added 1.1 per cent.