Russian stocks gained for the second day after oil rose on optimism that China’s government may relax policy tightening measures, boosting the outlook for commodity producers.
Oil producers OAO Gazprom Neft and OAO Surgutneftegaz both gained by more than 1 percent. OAO Sberbank, the country’s largest lender, added 1.4 percent, helping to push the 30-stock Micex Index (INDEXCF) higher by 0.7 percent at 11:25 a.m.in Moscow.
Oil, Russia’s chief export, increased as much as 37 cents, or 0.5 percent, to $76.91 a barrel after the International Strategy & Investment Group said China will relax policies that were aimed at cooling its housing industry. Chinese domestic consumption will continue to grow at a relatively fast pace in the second half of this year, a government spokesman said in Beijing today.
“Investors are optimistic that China will refrain from any market tightening over the short to medium term,” Chris Weafer, chief strategist at UralSib Financial Corp. in Moscow, said in an e-mailed note today.
The Micex has fallen 12 percent from its April 15 peak on concern economic growth may slow.
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