Nov. 19 (Bloomberg) -- Emerging-market stocks fell for a third day as oil trading near the lowest in almost two years and pleas from U.S. automakers for a government bailout extended the selloff in riskier assets.

Russia's Micex Index dropped 4.4 percent at 11:34 a.m. in Moscow, leading declines in developing nation stocks. The MSCI Emerging Markets Index slid 1 percent to 495.62, adding to a 12 percent slump this month.

Chief executives of General Motors Corp., Ford Motor Co. and Chrysler LLC testify at a House Financial Services Committee hearing today, after telling a Senate panel yesterday that they need $25 billion from a $700 billion fund intended to stabilize financial institutions.

``If the rescue deals are now extended to the general industrial base or to industries, then the total cost could literally go anywhere,'' said Chris Weafer, chief economist at UralSib Financial Corp. in Moscow. ``In that event the only place to be will be in gold or yen under the mattress.''

Crude oil, Russia's chief export, fell 0.8 percent to $53.95 a barrel today, the lowest since January 2007. Oil has dropped 63 percent since its July high of $147.

The extra yield investors demand to own developing nations' bonds instead of U.S. Treasuries rose 4 basis points to 7.04 percentage points after a 25 basis-point increase yesterday, according to JPMorgan Chase & Co.'s EMBI+ Index.

China's CSI Index added 6.2 percent to 1,953.16 on speculation the government will widen assistance to industries hurt by the global financial crisis.

-- Editors: Gavin Serkin, John Kohut

To contact the reporters on this story: Denis Maternovsky in Moscow at dmaternovsky@bloomberg.net

Last Updated: November 19, 2008 04:24 EST