Shares in Russia dropped further yesterday, extending losses this month to more than 20 per cent in a sell-off that has underscored the country's record as one of the world's most volatile markets.
Russia's shares have led a slide across most emerging market assets this month as investor confidence weakens over the prospects of a global economic revival.
The FTSE All World Emerging index has fallen 9.7 per cent since it hit a peak on June 1. In contrast, Russia's dollar- denominated RTS index has tumbled 21 per cent since its peak on June 2 after a 2.94 per cent drop yesterday. The rouble-based Micex has fallen 24 per cent since its June 1 peak.
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