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By Bloomberg

Emerging-market stocks headed for the highest level in almost three weeks as financial companies rallied and investors bet that China will take further measures to bolster economic growth. Russian equities rose with oil.

China Life Insurance Co. led an increase in Hong Kong- traded mainland shares, while the Shanghai Composite Index jumped to the highest in almost five years. Saudi Arabian stocks climbed for a fourth day after a report the country may open the market to foreign investors in April. Russia’s Micex Index added 2.3 percent, paced by OAO Lukoil. AirAsia Bhd. slid 8.5 percent in Kuala Lumpur after one of its planes disappeared with 162 people aboard. The ruble fell 4.1 percent versus the dollar.

The MSCI Emerging Markets Index rose 0.6 percent to 958 at 11:15 a.m. in London, trimming its loss this month to 4.7 percent. The People’s Bank of China plans to temporarily waive a requirement for lenders to set aside reserves for some deposits, people with knowledge of the matter said. Oil ended a two-day decline as concerns of a global glut eased.

“The China rally continues to be led by domestic flows,” Martial Godet, the head of emerging-market equity and derivatives strategy at BNP Paribas SA in Paris, wrote in an e- mail. “With the slowdown of the Chinese real-estate market, investors will be enticed to diversify further their savings into equity. With valuations still relatively low, there is room for more upside.”

Industry Groups

All 10 industry groups in the emerging-markets index gained, led by financial and health-care stocks. China Life and China Pacific Insurance Group Co. surged at least 8.7 percent amid speculation a stock-market rally will boost earnings.

The developing-nation gauge has dropped 4.5 percent this year and trades at 11.2 times projected 12-month earnings, data compiled by Bloomberg show. The MSCI World Index has advanced 4.1 percent and is valued at a multiple of 15.7.

The Hong Kong market was shut the previous two days for the holidays, when the Shanghai Composite surged 6.2 percent. The Hang Seng China Enterprises Index jumped the most since November 2013 today. The Shanghai Composite added 0.3 percent.

China’s benchmark money-market rate fell for a fifth day in the longest run of declines since October after the central bank freed up at least $800 billion of funds for lenders by relaxing a rule for the calculation of deposits.

The Tadawul All Share Index added 0.4 percent. Saudi Arabia is removing barriers to its $509 billion stock market as it pursues a $130 billion spending plan to boost non-energy industries. The Capital Market Authority informed investors of the April time line, two people briefed on the plan said.

Nigerian Rally

Nigerian stocks headed for their biggest six-day advance since at least 1998. The benchmark gauge rose 1.8 percent today, climbing above its 50-day moving average for the first time since August. The measure has added 21 percent since Dec. 17, entering a bull market.

The Micex posted a fourth day of gains. Lukoil, Russia’s second-biggest oil company, gained 2.8 percent as Brent futures rose as much as 1.6 percent in London. The country gets about half of its budget revenue from oil and natural-gas industries. The ruble weakened for a second day.

AirAsia dropped the most since August 2011. Search teams from Indonesia and three other nations are hunting for the Airbus Group NV A320 single-aisle plane that went missing yesterday off the coast of Borneo with 155 passengers and seven crew on board. Indonesian investigators said the jet may have crashed into the sea.

Equity gauges in India, Taiwan and the Philippines advanced at least 0.6 percent. South Korea’s Kospi Index slid 1 percent, while Dubai’s DFM General Index lost 1.2 percent. Currencies in India, Malaysia and China weakened 0.2 percent against the dollar.

The premium investors demand to own emerging-market debt rather than U.S. Treasury was little changed at 343, according to JPMorgan Chase & Co. Indexes.