Bloomberg News

Russian Stocks Gained the First Day in Three, Reversing Losses

May 17, 2010

Russian stocks rose for the first time in three days, reversing an earlier slump.

OAO Polymetal, Russia’s largest silver producer, jumped 4.4 percent and OAO Gazprom, the world’s biggest natural-natural gas producer, advanced 1.1 percent. The Micex Index rose by 0.4 percent to 1357 rubles after earlier falling by as much as 2.6 percent on concern budget cuts by European nations will curb economic growth.

“Stocks were oversold earlier today,” Gregory Klumov, chief investment officer at Everest Asset Management in Moscow, said by phone.

Russian stocks were the world’s best performers last year as an economic recovery boosted the earnings outlook of oil and metals producers.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

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


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus