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Russia’s stocks rally as Putin passes the presidency to Medvedev
Jason Corcoran (June 24th, 2008) Writes:
Financial NewsJason Corcoran in Moscow23 June 2008 Investment climate is steady as new leader continues reform agenda Russia’s equity markets are enjoying the country’s honeymoon period under its new leadership, but investors remain wary of how the power-sharing arrangement will evolve.The changing of the guard on May 7 saw Vladimir Putin hand over the presidential mantle to his protégé Dmitry Medvedev. Within hours, Medvedev had nominated his mentor Putin as Prime Minister.The smooth choreography proved to be a fillip for Russia’s main stock markets and sparked a buying spree by foreign funds.The MSCI Russia Index was the best performing emerging equity market last month, rising 15.7%, and outperforming the MSCI EM Emea index, which rose 7.3% in the same month. Inflows recorded in the third week of May of $542m (€350m) were the highest in Russia ...
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