The Micex fell 1.6 percent today and the ruble dropped as much as 0.9 percent to its weakest level against the dollar in a week.
Micex股指今天下跌了1.6%,卢布兑美元下跌了0.9%,跌至一周来最低位。
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Russian stocks are inexpensive, said Conway. Russia’s Micex index, up 78 percent this year, trades at 8.65 earnings, less than half of the MSCI emerging-markets gauge.
Even after recent one-day rallies, the dollar-denominated RTS index and the rouble-denominated MICEX index have shed around two-thirds of their value since mid-May (see chart).