Kazakh Stocks Jump Most in Two Years on Federal Reserve Pledge

    Kazakh stocks soared the most in two years after the U.S. Federal Reserve pledged to keep interest rates near zero through mid-2013.
    
    Kazakhstan’s KASE index increased 7 percent to 1,290.07 at 3:31 p.m. in Astana, the biggest surge on a closing basis since April 2009. Kazakhmys Plc (KAZ), the country’s biggest copper producer, led gains on the index, advancing 12 percent. AO Halyk Savings Bank rallied 11 percent.
    
    The MSCI Emerging Markets Index snapped a six-day losing streak and the MSCI World Index of developed-nation shares climbed 1.1 percent after Fed Chairman Ben S. Bernanke vowed yesterday to keep borrowing costs at an all-time low to revive a recovery that is “considerably slower” than expected.
    Bernanke’s comments are “bringing back quite a bit of risk appetite,” lifting stocks across emerging markets, Lars Christensen, chief emerging-markets analyst at Danske Bank A/S in Copenhagen, said in a phone interview today. The markets may experience a “moderate gain” over the next few days, Christensen said, reports Kira Savcenko, Bloomberg.