Russian Stock Panic

Dmitry Anatolyevich Medvedev
Dmitry Anatolyevich Medvedev, President of Russia


The following news item was of interest:

Panic as Russian market suspended

RUSSIA’S main stock market suspended trading today after plummeting more than 11 per cent, having lost more than half its value since May, as failing Wall Street banks caused panic on global markets.
AFP – Sept 16, 2008
The benchmark RTS index halted trade after a fall of 11.47 left it 54 per cent below its record close on May 19. The ruble-denominated Micex was also suspended for an hour after dropping 16.6 per cent.

“Panic has gripped the Russian stock market,” read a headline on the Interfax news agency.

Those hardest hit on the RTS were energy companies, with state-controlled gas giant Gazprom falling 17.2 per cent and oil firm Rosneft losing 19.12 per cent.

“The turmoil on Wall Street and worries about fall in the oil price are keeping buyers away despite the cheap prices,” said analyst Chris Weafer in a note from Moscow-based investment bank Uralsib.

“The only feeling is one of numbness, shock,” he said. “The hope is that this is the final clear-out, that this week we will find a floor.”

The fall came after repeated attempts by Russian President Dmitry Medvedev to calm market fears.

Yesterday he told a meeting of top businessmen that “we do not have a crisis”, and ordered the government to pump money into the markets.,25479,24359118-31037,00.html

No matter what any politician says, the financial markets can change quickly.

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