Russian Stocks Fall as Oil, Metals Slump on Inflation Concern

Bloomberg reports that Russia’s Micex Index slumped as metals dropped and oil snapped a two-day rally.

The market news is quoted as saying,

The Micex Index of 30 stocks dropped 0.5 percent to 1,670 by 5:41 p.m., erasing an earlier gain of as much as 0.9 percent. Oil producers OAO Tatneft and OAO Surgutneftegas fell 1 percent. OAO GMK Norilsk Nickel, the country’s biggest mining company, declined 1.6 percent. The dollar-denominated RTS Index lost 0.2 percent to 1,933.65.

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