Russian stocks climbed for the third time this week as investors speculated the U.S. will boost stimulus to keep the recovery on track, spurring the appeal of riskier, emerging-market stocks.
Preferred shares of OAO Transneft, Russia’s oil pipeline monopoly, surged 4.2 percent. OAO Severstal, the country’s largest steelmaker, added 3.6 percent. The country’s largest lender OAO Sberbank added 1 percent, helping push the 30-stock Micex Index 0.2 percent higher to 1,491.48 at the 6:45 p.m. close in Moscow. The gauge erased an earlier loss of as much as 0.3 percent for a weekly gain of 1.8 percent, its best in more than a month.
Federal Reserve Chairman Ben S. Bernanke said additional monetary stimulus may be warranted because inflation is too low and unemployment is too high, according to the text of remarks given at a Boston Fed conference.
OAO Raspadskaya advanced to its highest in five months after the Russian producer of coal for steelmakers said the government approved a plan to restart operations at the company’s flagship mine, according to a statement e-mailed today. The stock gained 2.7 percent to 177.81 rubles.
Equity funds focused on Russia attracted $72 million in the week ending October 13, according to Alfa Bank, citing data from EPFR Global Research.