Nov. 9 (Bloomberg) -- Emerging-market stocks rose, posting the biggest four-day gain since July, and currencies strengthened after the Group of 20 governments agreed to maintain stimulus measures.

The MSCI Emerging Markets Index added 2.5 percent to 959.66 as of 5 p.m. in New York, bringing its four-day climb to 6.2 percent. Russia’s Micex Index surged 5.1 percent, the biggest jump worldwide, and the ruble strengthened 1.2 percent against the dollar as oil prices advanced. Brazil’s Bovespa index rose to a three-week high after analysts increased their forecasts for growth in Latin America’s largest economy. Hungary’s forint and the Polish zloty led gains against the dollar.

U.K. Chancellor of the Exchequer Alistair Darling, hosting a meeting of finance ministers from G-20 nations, said his colleagues decided to keep supporting their economies. The world’s richest countries agreed to keep interest rates low and maintain record budget deficits until recoveries take hold. Government stimulus efforts led by China will help developing nations grow 5.1 percent as a group next year, up from 1.7 percent in 2009, according to the International Monetary Fund.

“Markets don’t need to be worried that these governments and central banks are suddenly going to take away all the stimulus measures,” Stuart Bennett, a senior currency strategist at Calyon in London, said in an interview on Bloomberg Television. “Risk appetite should remain supported into the end of the year.”

Bonds Rally

The MSCI index has surged 69 percent this year as the Micex more the doubled and Chinese and Brazilian stocks advanced more than 70 percent. Benchmark equity indexes in every major emerging market open for trading except the Philippines and Morocco climbed today.

Developing-nation bonds also rallied, sending the extra yield investors demand to own the debt over U.S. Treasuries down 12 basis points to 3.05 percentage points, according to JPMorgan Chase & Co.’s EMBI+ Index.

Russian stocks rallied the most among global equity markets after oil climbed above $79 a barrel. OAO Rosneft, the nation’s largest oil company, increased 6.4 percent, and OAO Gazprom, the world’s biggest natural-gas producer, advanced 2.6 percent.

The Czech PX Index of stocks climbed 3.8 percent, Poland’s WIG20 increased 3.6 percent and Turkey’s ISE National 100 Index rose 1.7 percent.

Brazilian Stocks

Brazil’s Bovespa climbed 2.7 percent. Usinas Siderurgicas de Minas Gerais SA, the biggest maker of flat steel for the auto industry, rose 3.3 percent after an industry group said vehicle production grew in October. Petroleo Brasileiro SA, the state- controlled oil company, gained 3.8 percent as crude prices rose.

Brazil’s economy may expand 4.83 percent in 2010, more than a week-earlier forecast of 4.8 percent, according to the median forecast in a Nov. 6 central bank survey of about 100 economists published today.

Chile’s peso advanced 1.8 percent after the country posted a trade surplus of $881 million in October. Imports were $3.8 billion while exports were $4.7 billion, the central bank said.

China’s Shanghai Composite Index rose for a seventh day, adding 0.4 percent.

Moody’s Investors Service raised China’s ratings outlook to “positive” from “stable,” citing the government’s success in steering the nation through the global financial crisis. The change affects the government’s A1 foreign and local currency bond ratings, Moody’s said in an e-mailed statement today.

To contact the reporter on this story: Michael Patterson in London at mpatterson10@bloomberg.net; Tal Barak Harif in New York at tbarak@bloomberg.net

Last Updated: November 9, 2009 17:36 EST