By Chan Tien Hin March 8 (Bloomberg) -- Emerging-market stocks rose, driving the benchmark index to its highest in more than six weeks, as governments from India to Malaysia announced economic data that showed growth is accelerating. The MSCI Emerging Markets Index climbed 1.3 percent to 987.54 at 4:03 p.m. in Kuala Lumpur, set for its highest since Jan. 20. Shares also advanced after better-than-estimated U.S. jobs data and a pledge by French President Nicolas Sarkozy to support Greece boosted confidence in the global recovery. ICICI Bank Ltd., India’s second-biggest bank, rose 2.4 percent to 923.05 rupees, a four-month high, after Finance Minister Pranab Mukherjee said last week the nation aims to return to a 9 percent pace of economic growth. Public Bank Bhd., Malaysia’s third-largest lender, gained 5.3 percent to a record 11.92 ringgit on speculation overseas investors increased purchases of local assets as the ringgit climbed. “The overall positive sentiment is being driven by concrete evidence that the U.S. economic recovery has traction,” said Geoffrey Ng, who manages $1 billion of assets as chief executive officer at HLG Asset Management Sdn. in Kuala Lumpur. “This further supports the view that Asia’s growth is sustainable, both from the domestic and export fronts.” India, the world’s fastest-growing major economy after China, may expand 8.2 percent in the 12 months from April 1, from an estimated 7.2 percent this year, the finance ministry forecast Feb. 25. GDP growth averaged 9.5 percent per annum between 2006 and 2008. Domestic consumption is driving India’s economic recovery, Hewitt Associates Inc., a Lincolnshire, Illinois-based human resources adviser, said March 4. ‘Bullish on India’ “I’m really bullish on India as a story on economic growth and domestic consumption,” said Vaibhav Sanghavi, who manages funds for wealthy individuals at Ambit Capital Ltd. in Mumbai. The Bombay Stock Exchange Sensitive Index, or Sensex, advanced for a second day, rising 1.1 percent to 17,174.37, headed for the highest close since Jan. 20. Malaysia’s benchmark FTSE Bursa Malaysia KLCI Index jumped 1.9 percent to a two-year high. The government said March 5 exports surged 37 percent in January from a year earlier, the most in more than 11 years as manufacturers shipped more goods to China and Europe amid a global economic recovery. The ringgit climbed the most in almost seven weeks. There are expectations the “ringgit will strengthen further and investors want to participate in the strength of the ringgit” by buying equities, said Choo Swee Kee, who manages $202 million of assets as chief investment officer at TA Investment Management Bhd. China Stocks CIMB Group Holdings Bhd., Malaysia’s second-largest bank, gained 2.9 percent to a record 14.12 ringgit. Malayan Banking Bhd., the largest Malaysian lender, advanced 1.9 percent to 7.54 ringgit, the highest since April 1, 2008. China’s Shanghai Composite Index rose 0.7 percent, the second day of gains, on the prospect the government may delay withdrawing stimulus to support the economy and won’t announce additional measures to crack down on the property market. Baoshan Iron & Steel Co. advanced 2.9 percent to 8.41 yuan and China Shenhua Energy Co. rose 1.3 percent to 28.89 yuan after central bank Governor Zhou Xiaochuan said the nation should be careful in exiting anti-crisis policies. To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net

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