RTS Ends Worst Month Since 2000

Russian stocks declined, led by Sberbank after Goldman Sachs cut its price estimate for the stock, citing investors' credit concerns about Russian banks.

The ruble-denominated MICEX fell 4.2 percent to 1,574.33 as all but two of its 30 stocks retreated. The index lost 17 percent in January, its worst month ever. The dollar-denominated RTS slipped 3.8 percent to 1,906.97, falling 17 percent for the month. It was the biggest monthly drop for the RTS since November 2000.

Goldman cut its share-price estimate for Sberbank 2.2 percent to $4.41, saying a rise in the value of the bank's credit-default swaps indicated an increased risk to owning the stock as well as the bonds.

Sberbank shares dropped 3.9 percent to 87.98 rubles on the MICEX. Its preferred shares tumbled 7.5 percent to 52.28 rubles, making them the worst performer in the MICEX index.

Rosneft fell 5.3 percent to 171.35 rubles. It has fallen 25 percent this year.