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. Last Updated: 07/27/2016

Markets Hit by China Slide

Russian stocks dropped from a record high after equities in China tumbled, triggering speculation of a sell-off in emerging markets.

Gazprom, LUKoil and Unified Energy Systems paced the retreat. China's market had its biggest slide in a decade on concern that the government would crack down on illegal investments, bursting a bubble that helped lift benchmarks to all-time highs. The MICEX index lost the most since the start of 2007.

"The concern is that if investors take cash out of major markets like China, then that could result in an increase in outflows from global emerging market funds," said Chris Weafer, chief strategist at Alfa Bank. "If that happens, all major emerging markets will suffer as portfolio managers face redemptions."

The ruble-denominated MICEX lost 4.1 percent to 1682.12. All 21 stocks in the index declined. The dollar-based RTS Index fell for the first time in four days, losing 3.3 percent to 1906.08.

Gas producer Gazprom slid 3.4 percent to 276 rubles. LUKoil, the country's largest oil producer, declined 4 percent to 2,122.19 rubles.

National power utility Unified Energy Systems dropped 4.9 percent to 31.9 rubles. Sberbank dropped 3.8 percent to 95,329 rubles, sliding the most since Jan. 29.