Russian Stocks Retreat for a Third day on Cyprus Bailout
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Russian shares fell to the lowest level in more than three months as Cyprus’s bailout plan cast doubt on the safety of $60 billion of loans and deposits in the island nation.
The Micex Index retreated for a third day, slipping 0.8 percent to 1,417.00 by the close in Moscow, the lowest level since Dec. 4. Utilities and consumer goods stocks led the decline, down at least 3 percent on average. The dollar-denominated RTS Index slid 0.9 percent to 1,445.46.