The HSBC Emerging Markets Index fell in January for the second month in a row after dropping from 51.6 to 51.4 in December.

This marks the index's lowest reading since September. The index is also below the 2013 average, which was 51.7.

"Although both the aggregate manufacturing and services EMI deteriorated in January, they remain in expansion territory. Interestingly the future activity index shows a pick-up for manufacturing and a drop for services, suggesting expectations of an export-led recovery," Pablo Goldberg, the global head of emerging markets research at HSBC, said.

Goldberg also pointed out the economic resilience of manufacturing PMIs that has occurred alongside increasing divergence between countries.

The HSBC Emerging Markets Future Output Index grew in January, though it was weaker than the 2013 average. The index measures firms' expectations of activity over 12 months.

HSBC derives the EMI from its Purchasing Managers' Index reports. The reports come from 17 emerging economies. A reading above 50 indicates growth, while a reading below signals contraction.