Europe - Distressed Russian stocks provide buying opportunity

Damaged by the Georgia conflict, Russia's stockmarket lost almost a third of its value during the summer, according to Michael Konstantinov, manager of the Allianz RCM Bric Stars fund. He believes Russia's economy is close to 'tipping point', as the present market is almost 35% under its peak and is trading close to seven times current earnings. "The Georgia situation was preceded by Putin's attacks on Mechel, the mining firm, at the end of July as well as the recent weakness in oil prices...