Bloomberg News

Russia Stocks Fall, Extending First Monthly Drop Since November

June 30, 2009

The 30-stock Micex Index (INDEXCF) fell the most in three days, completing its first monthly decline since November, as oil dropped from an eight-month high in New York.

The 30-stock Micex slipped 1.8 percent to 971.55 at the close in Moscow. The ruble-denominated benchmark sank 14 percent in June, its first decline since November. The RTS Index today rose 3.7 percent to 987.02.

Crude oil fell from an eight-month high in New York as reports showed that U.S. consumer confidence unexpectedly declined in June and the U.K. economy shrank the most since 1958.

OAO Gazprom Neft, the oil arm of gas giant OAO Gazprom, fell 3.6 percent to 98.18 rubles, its biggest decline in a week. OAO Rosneft, the country’s biggest producer, slipped 2.3 percent to 168.39 rubles.

Russian stocks entered a bear market this month, under the most common definition, after the Micex fell more than 20 percent in three weeks from this year’s high on June 1.

To contact the reporter on this story: William Mauldin in Moscow at wmauldin1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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