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Micex Index Gains Third Day on Stimulus Bets Before Fed Meeting

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June 19 (Bloomberg) -- Russian stocks rose for a third day as the Federal Reserve prepared to meet to consider stimulus measures.

The Micex Index climbed as much as 0.6 percent before closing up less than 0.1 percent at 1,389.97 in Moscow. OAO RusHydro slumped 5.5 percent after Kommersant reported that Rosneftegaz may acquire a 25.8 percent stake in Russia’s largest power producer.

Fed policy makers will begin a two-day meeting today as Group of 20 leaders focus their response to Europe’s financial crisis at a summit in Mexico. Global stocks rose as Spanish bond yields declined after the government met its target at a bill auction. Urals crude, Russia’s main export oil blend, fell for a third day, dropping 0.5 percent to $93.88 a barrel.

Investors are “switching their focus” to the Fed meeting from Europe’s debt crisis, Julian Rimmer, a trader at CF Global Trading UK Ltd. in London, said by e-mail. “Consensus has shifted from ‘no change’ to an outside chance of easing in some form. Were it not for weakness in crude, Russian equities would actually be considerably stronger.”

The Russian Depositary Index of London-traded stocks added 0.8 percent to 1,529.52.

The MSCI Emerging Markets Index rose 1 percent to 943.71, gaining for the third day. Russian stocks trade at 5.1 times estimated earnings, having lost 0.9 percent this year. That compares with a 3 percent gain for the MSCI Emerging-Market Index which trades at 9.7 times projected earnings.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net;

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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