Emerging-market economies grew last month at the quickest pace since March as global demand for manufacturing and services improved, HSBC Holdings Plc said, citing a survey of purchasing managers.

The HSBC Emerging Markets Index, which is compiled by London-based Markit Economics and tracks conditions at more than 5,000 companies, rose to 51.7 in October from 50.7 in September, HSBC said Thursday in a report. A value of more than 50 indicates expansion, while less than 50 signals contraction.

While the International Monetary Fund cited weakness in emerging-market economies as it cut its global growth forecast for this year and next on Oct. 8, the U.S. Federal Reserve’s decision last month to maintain monetary stimulus has provided a boost to developing nations.

“With tapering fears in abeyance for now and Europe out of recession, capital flows and external demand should support emerging market sentiment and performance through the year end,” said Simon Williams, the Dubai-based chief Middle East economist at HSBC Holdings Plc., in the report. “The continued gains in China data are particularly encouraging, substantiating our view that fresh stimulus has helped growth find a floor.”

The MSCI Emerging Markets Index has fallen 3.8 percent this year, compared with a 24 percent gain for the S&P 500.

The HSBC Emerging Markets Future Output Index, which gauges company executives’ expectations for output in a year, reached a seven-month high in October, recovering from a near-record low the previous month, HSBC said.