Russia Micex Index Trims 2013 Gains as Mechel to Gazprom Drop - Bloomberg:
"Russian shares dropped, curbing this year’s advance, as OAO Mechel to OAO Gazprom retreated on bets gains this month were overdone.
The Micex Index (INDEXCF) lost 0.4 percent to 1,501.12 by the close in Moscow, trimming the 2013 increase to 1.8 percent and the advance in December to 1.5 percent. Mechel, the nation’s biggest coking coal producer, which has slumped 67 percent this year, fell 2 percent to 67.90 rubles. Gazprom decreased 0.6 percent to 140.80 rubles.
The Micex reversed some gains it’s made since the Federal Reserve announced plans on Dec. 18 to cut its monthly bond purchases by $10 billion to $75 billion, citing an improved outlook for the U.S. employment market. Stocks were also boosted by President Vladimir Putin’s decision to pardon imprisoned former Yukos Oil Co. owner Mikhail Khodorkovsky last week. U.S. and most global markets are closed for the holidays today."
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