Nov. 16 (Bloomberg) -- Emerging-market stocks rose to the highest in 15 months as better-than-expected earnings boosted shares and analysts raised Brazil’s economic growth estimate.

Poland’s benchmark WIG20 Index gained 3.1 percent as PKO Bank Polski SA and software developer Asseco Poland SA jumped after third-quarter earnings beat analysts’ estimates. Russia’s Micex Index increased 4.2 percent as oil surged. The MSCI Emerging Markets Index added 2.1 percent to 982.43 at 5:18 p.m. in New York, the highest close since Aug. 14, 2008.

“We will see continued pickup in equities in our region as fundamental data improves and sentiment improves,” said Simon Quijano-Evans, head of emerging-market research at Credit Agricole Cheuvreux in Vienna.

China’s Shanghai Composite Index rose 2.7 percent, the highest since Aug. 6, after leaders from the 21-member Asia- Pacific Economic Cooperation group pledged to maintain economic stimulus measures.

Developing-nation equities have increased 35 percent in the past six months on signs emerging markets may lead a global economic recovery.

PKO Bank Polski SA, Poland’s biggest bank, said third- quarter profit declined 29 percent as interest income fell and provisions for bad loans increased, beating analyst estimates. Asseco Poland SA jumped 5 percent.

Poland’s economy may expand by 1.3 percent this year as economic data indicates second-half 2009 growth may be stronger than previously expected, Citigroup Inc. said in a research report today.

Brazil Growth

Brazil’s Bovespa index gained for a second day, increasing 2 percent. Itau Unibanco Holding SA, Brazil’s biggest bank by market value, forecast the country’s economy can grow as much as 5.5 percent next year without “inflationary pressure.”

The Labor Ministry said today that Brazil created 230,956 government-registered jobs in October. Labor Minister Carlos Lupi said another 150,000 jobs should be added in November, bringing this year’s total to more than 1.1 million.

Cosan SA Industria & Comercio climbed 1.9 percent after Bank of America Corp. reiterated its “buy” rating on the world’s biggest sugarcane processor.

GVT Holding SA rose, closing at its highest level, after Vivendi SA said it was starting a mandatory tender offer for Brazil’s fourth-largest high-speed Internet provider.

The extra yield investors demand to own developing nations’ bonds instead of U.S. Treasuries widened one basis point to 3.08 percentage points, according to JPMorgan Chase & Co.’s EMBI+.

To contact the reporter on this story: Laura Cochrane in London at lcochrane3@bloomberg.net; Tian Huang in New York at thuang57@bloomberg.net.

Last Updated: November 16, 2009 17:41 EST