Russian stocks had their biggest weekly increase since February as oil climbed on bets Europe’s debt crisis will be contained.
The Micex Index (INDEXCF) added 0.4 percent to 1,338.07 by the close in Moscow, bringing its weekly gain to 3.1 percent, the most since Feb. 5. OAO Rosneft, Russia’s biggest oil company, rose 0.7 percent, while OAO Sberbank, the country’s largest lender, added 0.3 percent.
Urals crude, Russia’s main export blend, advanced 0.8 percent yesterday to $98.24 a barrel, while oil traded in New York had its first weekly gain in six. Crude rebounded by $1.21 in the last 20 minutes of floor trading as Spain prepared to become the fourth of the 17 euro-area countries to seek emergency assistance. Russia, the world’s biggest energy exporter, relies on oil and gas sales for about 50 percent of its budget revenue.
Rosneft advanced to 198.71 rubles, trimming its weekly drop to 3.5 percent. Sberbank, the biggest holder of Russian retail deposits, climbed to 81.58 rubles, a 3.1 percent weekly increase.
Russian stocks trade at 4.9 times estimated earnings, having lost 4.6 percent this year. That compares with a 1.2 percent drop for the MSCI Emerging-Market Index (MXEF) which trades at 9.3 times projected earnings.
The MSCI Emerging Markets Index added 1.3 percent to 905.17 this week, the biggest jump since Feb. 17, while the MSCI BRIC Index of shares traded in India, Brazil, Russia and China, added 1.3 percent in the period, the first weekly gain since March 16.
Russia’s markets were open today before public holidays on June 11 and June 12.
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