Russia led the first rise in emerging-market stocks in four days after commodity prices rebounded, triggering buying of assets in developing economies sustained by exports.

 

The Micex index in Russia rose as much as 10.5 percent, trimming the benchmark's decline this week to 5.3 percent. The MSCI Emerging Markets Index added 1.2 percent to 530.47 after falling more than 10 percent in the past three days.

 

Investors are returning to Russian stocks after concern eased that the ruble may be devalued and oil recovered from yesterday's 23-month low of below $55 a barrel. Copper jumped the daily limit of 4 percent in Shanghai and corn and wheat prices increased as U.S. stocks rallied the most in two weeks.

 

``The rise in commodity prices as well as a late rally in the U.S., followed by gains in Asia this morning, contributed to today's jump,'' said Ronald Smith, chief strategist at Alfa Bank in Moscow.

 

Emerging-market stocks have lost more than 57 percent of their value this year as demand for commodities that sustain most developing nations' finances has fallen. The Reuters/Jefferies CRB Index of 19 raw materials yesterday touched a five-year low.

 

Crude oil, Russia's main export earner, rose as much as 3 percent in New York to $59.96 a barrel before falling to $57.69. Corn for December delivery added as much as 2.5 percent and wheat for March delivery advanced as much as 3 percent.

 

China's CSI 300 Index increased 3.7 percent and the PSEi index in the Philippines rose 3 percent Benchmark indexes in the Czech Republic, Hungary, Romania and Poland added more than 3 percent.

 

The extra yield investors demand to own developing nations' bonds instead of U.S. Treasuries fell the most in seven days, dropping 19 basis points to 6.51 percentage points at 7:50 a.m. in London, according to JPMorgan Chase & Co.'s EMBI+ Index.