That said, Russia currently offers one of the highest dividend yields in the EM space
. Here we recommend Bashneft prefs, Surgut prefs, Sberbank prefs, MTS, and M.Video.
Russia was one of the worst performers in the EM space
Morocco and Mexico performed better than others, while Russian stocks declined the most in the EM space
In the EM space
, Colombia, Turkey and Brazil looked better than others, while Russia, Hungary and China closed in negative territory.
Among dollarbased MSCI indices, Russia and Hungary each lost more than 20% in May, recording the worst performances in the EM space
We note that since the beginning of the month, the RTS has dropped 19.8% and MICEX has lost 12.4%, making Russia the worstperforming market in the EM space
. Brent futures for July delivery firmed 0.3% yesterday and are nearly unchanged this morning at $107.1/bblI3/4 metals were variable yesterday posting gains and losses of A[+ or -]0.5%.