Economy

xchrom

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36. Bulls Return to Russia ETF as Ruble’s Decline Halted

Thu Dec 25, 2014, 10:45 AM

Dec 2014

http://www.bloomberg.com/news/2014-12-24/bulls-return-to-russia-etf-as-ruble-s-decline-halted.html

Investors are piling into the biggest exchange-traded fund tracking Russian equities at the fastest pace in more than a year as government measures to stabilize the ruble ease concern that there will be a prolonged stock rout.

Asset managers added $126.2 million to the Market Vectors Russia ETF (RSX) on Dec. 23, the most in one day since May 2013, data compiled by Bloomberg show. Shares in the $1.6 billion fund gained 3.3 percent to $15.95 on yesterday, trimming their decline in 2014 to 45 percent. posts a five-day rally,

The inflow came as Russia moved to support the currency, stemming the biggest decline in emerging markets this year. The ruble extended its rally for a fifth day today, strengthening 2.2 percent to 52.29 per dollar by 12:13 p.m. in Moscow.

Policy makers engineered a cash shortage to prop up demand, and the government ordered five state-controlled exporters to cut their foreign-currency holdings. Short interest as a percentage of shares outstanding in the ETF slid to 12 percent on Wednesday after touching a nine-month high of 16 percent on Dec. 17.

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