An exchange traded fund tracking Russian stocks rose more than 2% at Monday’s open after suffering its first weekly loss of 2012.
“Market Vectors Russia ETF (NYSEArca: RSX), a U.S.-traded fund that holds Russian shares, declined for the first week this year as concern Greece will derail Europe’s debt-crisis recovery cut prices for oil and other commodities,” Bloomberg reports.
The $2 billion fund fell nearly 4% last week. [ETF Chart of the Day: Russia]
Russia is a component of the so-called BRIC countries, and ETFs tracking the category have been leading emerging markets so far this year. [BRIC ETFs Rally]
The Russia ETF fell 30% last year, its largest decline since the 74% meltdown in 2008, according to the article.
“European debt headlines aren’t going to go away easily,” Aivaras Abromavicius of East Capita told Bloomberg. “Up until this week, European actions to address liquidity and funding have been a source of renewed optimism for Russian equities as well as Turkey and Hungary. We can only hope that Greece and the EU can strike a deal to prevent a crisis.”
The Russian fund is up about 15% year to date.
Market Vectors Russia ETF
