Russian Stock Exchange Shuts Down

Russian Stock Exchange Shuts Down
Daily Express ^ | October 3, 2008

Regulators shut down Russia's benchmark stock exchange, RTS, for an hour after shares plunged.

Stocks had opened lower, after a torrid trading session on Thursday in the US amid fears over the success of a federal bailout plan to stave off a recession.

The RTS index dropped 7.1% to 1,070.5 points before trading was halted.

The MICEX exchange - where most of Russia's trading takes place - plunged by 6.9% to 916.7 points. Mining company Norilsk Nickel dived by 12.2%, state-owned oil major Rosneft by 7.1% and private oil company Lukoil by 6.1%.

Stocks in the US plunged in the previous day's trading on the back of disappointing economic data, including signs of rising unemployment. Oil prices dropped overnight to below 94 US dollars a barrel.

The US House of Representatives will vote for a second time on the government's bailout plan for banks, after rejecting it earlier this week.

(Excerpt) Read more at express.co.uk ...