Russian Equity Fund Outflows Reach $443 Million, UralSib Says

Sept. 30 (Bloomberg) -- Russia-focused funds had their second-biggest weekly outflow in two years, UralSib Financial Corp. said, citing EPFR Global Data.

The funds saw net outflows of $443 million in the week ending Sept. 28, the 12th consecutive week of declines, UralSib said.

Russia’s benchmark Micex Index has plunged 16 percent this quarter on concern the European debt crisis and a slowdown in the U.S. economy will hurt global growth and damp demand for oil, the country’s key export earner. The 30-stock gauge slid 0.8 percent today to 1,396.16.

--Editors: Alex Nicholson, Alan Purkiss

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

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