Russian Stocks Quake; Putin Targets Coal Giant (at SmartMoney.com)

Russian Stocks Quake; Putin Targets Coal Giant |Published: July 25, 2008 10:48 AM Active Discussions on SmartMoney (Adds RTS closing numbers.) By Andrew Langley Of DOW JONES NEWSWIRES MOSCOW -(Dow Jones)- Russian stocks shed 5.6% Friday, with the benchmark RTS index dropping below 2,000 points to a six-month low as concerns over political risks intensified. The RTS index closed at 1,951.29 after a spate of negative news flow unsettled investors at home and abroad. Selling was indiscriminate, with liquid blue chips like OAO Gazprom (GAZP.RS), OAO Rosneft (ROSN.RS) and OAO Sberbank (SBER.RS) down 3.5% to 7.5%. "We've had three pieces of bad news and the risk premium has gone up," said one Moscow-based salesman, referring to the departure from Russia of TNK-BP Ltd. Chief Executive Robert Dudley, a tirade by Prime Minister... [read full story]