Emerging markets rally on oil and China stimulus bets

Jakarta

EMERGING-MARKET stocks headed for the steepest four-day gain in 15 months as energy companies rallied with oil and investors bet that China will take more measures to support economic growth. Russia's rouble rose for a second day.

CNOOC Ltd and PetroChina Co surged at least 4.1 per cent while Bank of China Ltd led a gauge of mainland shares traded in Hong Kong to the largest gain in two weeks. Huaneng Power International Inc surged to a seven-year high in Hong Kong on prospects for industry reform. Dubai shares extended a bull-market rally and Qatar's equity gauge climbed 1.8 per cent. The rouble jumped 3.4 per cent versus the US dollar.