Blue Chips Go Off Color

By The Moscow Times

Nov. 20, 2011

Bourses recorded their biggest daily falls since October on Monday.

The MICEX Index slumped 4.8 percent to close at 1390.56 — below the psychological 1400 mark that was breached for the first time since 2011 in volatile trading last month. Dollar-denominated RTS lost 4.7 percent, closing at 1424.97.

Coking coal producer Mechel crashed 8.3 percent, while Rosneft and LUKoil, the country's two largest oil companies, lost more than 4 percent. Russia's biggest lender, Sberbank, often a bellwether for the equity market, dropped 5.1 percent. Aluminum producer RusAl lost 4.3 percent. The MICEX Index has shed 18 percent of its value so far this year.

(MT)

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue