Nov. 1 (Bloomberg) -- Russian stocks extended a weekly advance after Chinese manufacturing improved and OAO GMK Norilsk Nickel, the world’s biggest producer of the metal, gained.
The Micex Index rose 0.3 percent to 1,515.15 by the close in Moscow, taking the weekly increase to 0.7 percent. Oil producer OAO Surgutneftegas added 1.9 percent to 28.77 rubles. Norilsk, Russia’s largest mining company, snapped three days of declines, increasing 0.8 percent.
Manufacturing strengthened from China to South Korea last month in a sign that growth risks are abating in Asia and expansion may pick up this quarter. Russian equities have the cheapest valuations among 21 developing economies monitored by Bloomberg and the index trades at 4.3 times projected 12-month earnings, compared with 10.5 times for the MSCI Emerging Markets Index, which lost as much as 0.7 percent today.
“Russia’s feeling better than Europe and some emerging markets today as there is simply nothing to take profits from,” Kirill Yankovskiy, director for equity sales at UralSib Capital in London, said in e-mailed comments.
The dollar-denominated RTS Index slid 0.4 percent to 1,475.18 today, bringing its decline since the beginning of the year to about 3.2 percent. That compares with a 2.6 percent retreat for the MSCI Emerging Markets index.
Industrial metals gained after China’s Purchasing Managers Index rose to 51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today. That compares with 51.1 in September and the 51.2 median estimate in a Bloomberg News survey of analysts.
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