ICICI Bank Ltd., India’s second-largest lender, jumped 6.1 percent as the U.S. prepared to announce details of a plan today to buy as much as $1 trillion of troubled assets. OAO Lukoil, Russia’s second-biggest oil producer, rose to the highest since October as crude gained and Citigroup Inc. advised clients to buy the nation’s stocks. China shares posted a sixth day of gains, the longest winning stretch in more than 17 months as SAIC Motor Co. rose 5.4 percent.
The MSCI Emerging Markets Index added 3.3 percent to 571.27 at 8:51 a.m. in London, putting the index on course for the first 2009 gain since Jan. 9. The benchmark for equities in 23 developing nations tumbled 54 percent last year and lost as much as 16 percent this year on concern the first global recession since World War II would erode earnings.
“Stocks are building a base for the next bull market,” Mark Mobius, who oversees about $20 billion of emerging-market assets at San Mateo, California-based Templeton Asset Management Ltd., said in an interview on Bloomberg Television today. “We’re finding bargains in every country. You have to be careful not to miss the opportunity.”
The MSCI benchmark has rallied 14 percent in March, headed for the biggest monthly gain since December 1993, on speculation China’s 4 trillion-yuan ($586 billion) stimulus plan will boost demand for commodities and as the biggest U.S. banks said they were profitable in January and February following $1.2 trillion in writedowns worldwide.
U.S. Treasury Secretary Timothy Geithner is expected to unveil the Public Private Investment Program today, expanding the $700 billion rescue of the financial system by relying on private investors to buy the troubled assets clogging banks’ balance sheets.
To contact the reporters on this story: Michael Patterson in London at mpatterson10@bloomberg.net;
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