Putin's attack on Mechel metal company rattles investors, sends Russian stocks down - I... - 0 views
-
Investors piled out of Russian stocks Friday after the abrupt departure from the country of a foreign oil boss and the prime minister's unexpected severe criticism of a large steel firm. MICEX, the exchange where the bulk of trading in Russian stocks takes place, plunged by 4.8 percent as of 12:20 p.m. Russian time, while the RTS, a top stock index, lost 4.4 percent to drop beneath the critical 2000-point barrier for the first time since March. After Prime Minister Vladimir Putin's scathing attack on Mechel late Thursday, heavy trading in New York sent the steel and coal maker's stock down by nearly 40 percent, losses mirrored Friday morning in Russian trading.
-
Investors piled out of Russian stocks Friday after the abrupt departure from the country of a foreign oil boss and the prime minister's unexpected severe criticism of a large steel firm. MICEX, the exchange where the bulk of trading in Russian stocks takes place, plunged by 4.8 percent as of 12:20 p.m. Russian time, while the RTS, a top stock index, lost 4.4 percent to drop beneath the critical 2000-point barrier for the first time since March. After Prime Minister Vladimir Putin's scathing attack on Mechel late Thursday, heavy trading in New York sent the steel and coal maker's stock down by nearly 40 percent, losses mirrored Friday morning in Russian trading. The premier criticized the company, which is the largest supplier of coal for steelmakers in Russia, for charging much higher prices for raw materials domestically than it does for its exports, and called for an antitrust investigation into its activities.