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By Bloomberg

Emerging-market stocks headed for a six- month high as industrial companies jumped and a gauge of Chinese shares in Hong Kong posted the biggest gain in three years. Russia’s ruble strengthened to a three-month high.

China CNR Corp. and CSR Corp. soared to records in Hong Kong after the trainmakers got government approval to merge. The Hang Seng China Enterprises Index jumped 5.8 percent after a three-day holiday. The Shanghai Composite Index briefly surpassed 4,000 for the first time since 2008. The ruble rose 2.4 percent, the most among developing-nation currencies.

The MSCI Emerging Markets Index added 1.4 percent to 1,020.45 at 9:05 a.m. in London, set for its eighth day of increases, the longest rally since Aug. 20. Mainland equities in Hong Kong surged as their Chinese peers extended a world-beating rally on bets the government will do more to support economic growth. The Federal Reserve releases minutes from its March meeting Wednesday, which may provide clues on the timing of U.S. interest-rate increases.

“The rally in China’s stocks helped boost sentiment in emerging markets,” said Nguyen Ba Huy, Hanoi-based portfolio director at Saigon Securities Inc.

The developing-nation gauge has risen 6.7 percent this year and trades at 12.3 times projected 12-month earnings, the most expensive since April 2010, data compiled by Bloomberg show. The MSCI World Index has gained 3.4 percent in 2015 and is valued at a multiple of 16.8.

China Rally

All 10 industry groups rose, led by industrial and energy shares. China CNR and CSR soared at least 42 percent. The two stocks resumed trading on Wednesday after they were halted on March 30, pending regulatory approval for the merger.

The H-share gauge jumped the most since Dec. 2011, paced by a 6.9 percent gain in China Life Insurance Co. Gome Electrical Appliances Holding Ltd. rallied 35 percent in Hong Kong after Citigroup Inc. recommended the stock over its mainland rival Suning Commerce Group Co. because of cheaper valuations.

Net purchases of Hong Kong shares through the city’s mainland exchange link surpassed the daily record within the first half hour of trading Wednesday. Shanghai was poised for the opposite milestone, with foreign investors dumping the most equities since the cross-border program began in November.

The Shanghai Composite added 0.8 percent to the highest close since March 2008. It earlier rose as much as 1 percent to 4,000.22. The index has doubled since January 2014.

Too Fast

Chinese stocks have risen too fast and that a 20 percent retreat is “very possible,” Mark Mobius, who oversees about $40 billion as the executive chairman of Templeton Emerging Markets Group, told reporters in Hong Kong.

South Korea’s Kospi index rose 0.6 percent to the highest close since Sept. 17. India’s S&P BSE Sensex index climbed 0.7 percent, its fourth day of gains.

Turkey’s lira and South Africa’s rand strengthened 0.6 percent. The ruble climbed for a sixth day, poised for the longest rally since Nov. 24. The Micex Index fell 0.9 percent. Oil pared its biggest two-day surge since February before U.S. government data that’s forecast to show crude inventories expanded further from a record.

The Philippine Stock Exchange Index and Indonesia’s Jakarta Composite Index retreated from record highs. Taiwan’s Taiex Index slid 0.7 percent and the FTSE Bursa Malaysia KLCI Index halted a four-day increase.