Russia halts stock trading for two days

08 October 2008 11:02  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's Federal Financial Markets Service on Wednesday ordered the country's major stock exchanges, RTS and MICEX, to suspend trading for two days to curb panic-selling.

 

RTS fell 11.25% and MICEX was down by 14.35% in early trading, with the plunge led by oil, gas and petrochemical shares. Russian indexes collapsed despite fresh government moves to prop up markets.

 

On Tuesday, the Russian government also announced new measures to support Russia's banking sector, including up to rouble (Rb) 950 bn (€26.7bn, $36.4bn) in loans to banks to support credit markets.

 

Russian bourses witnessed their worst day ever on Monday as RTS fell 19.1% and MICEX was down by 18.66%.

 

Last month, stock trading was suspended for two days when the MICEX plunged 17.45% on 16 September.

 

($1 = €0.73, $1 = Rb26.12)

 

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By: Sergei Blagov
+44 20 8652 3214

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