Russian benchmark index takes new slide

AP News
Posted: Sep 23, 2011 7:40 AM
Russian benchmark index takes new slide

Russia's benchmark stock indexes are down more than 5 percent in a second day of steep falls amid global economic uncertainties.

Friday's losses, though dramatic, are not as steep as the plunges the day before, when the ruble-denominated MICEX index dropped 7.8 percent, its biggest single-day loss in two years, and the dollar-denominated RTS fell 8.6 percent.

European and Asian markets were also sharply down on Friday, but not as much as Russia's, which has been hit particularly hard as investors worldwide flee emerging markets.

As of 3:30 p.m. (1130 GMT), the MICEX was down 5.36 percent and the RTS had lost 5.47 percent.