Central & Eastern Europe Fund sinks to 21-year low after advising not to make new buys of Russian securities
Shares of Central & Eastern Europe Fund Inc. sank another 11.5% in afternoon trading Wednesday toward a 21-year low, after the investment fund said its investment adviser, DWS International GmbH, recommended its clients not make new investments in Russian securities. The fund's shares, which are on track for the lowest close since October 2001, have now tumbled 55.7% since Russia's invasion of Ukraine last Thursday, while the iShares MSCI Russia ETF has plunged 59.3% over the same time, and the S&P 500 has gained 4.0%. Until further notice, "DWSI believes that it is not in the best interests of its actively managed fund clients," including Central & Eastern Europe Fund, to make buy shares of Russia-based companies, the Fund said in a statement.
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