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I heard something on the radio about an hour ago to the effect that the stock market is very happy the Russian troops are pulling out...
Russian Stocks Gain as Putin Orders End to Military ExercisesBy Vladimir Kuznetsov Mar 4, 2014 2:03 AM ETRussian stocks climbed the most since September after a report President Vladimir Putin ordered the end to military exercises. The Micex Index (INDEXCF) gained 2.9 percent to 1,325.83 as of 10:40 a.m. in Moscow, snapping five days of declines including yesterday’s 11 percent slump. United Co. Rusal, the world’s biggest aluminum producer, and builder OAO LSR Group surged more than 12 percent. The nation’s benchmark equities index plunged the most in more than five years yesterday after Putin ordered the deployment of troops to Crimea. Troops who took part in military exercises in Western Russia were ordered back to base, the Interfax news service reported today, citing Putin’s spokesman Dmitry Peskov. “It’s more a reaction to yesterday’s decline -- after all, the plunge was very strong,” Alexei Bachurin, head of equities trading at Renaissance Capital in Moscow, said today by e-mail. Russia’s equities have the cheapest valuations among 21 developing countries monitored by Bloomberg, with shares on the Micex trading at 4.8 times projected 12-month earnings, compared with a multiple of 10.1 for the MSCI Emerging Markets Index.