{"id":6756,"date":"2008-10-07T00:00:00","date_gmt":"2008-10-07T00:00:00","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/?p=6756"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T21:00:00","slug":"russia-closes-stock-markets-after-historic-falls","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2008\/10\/russia-closes-stock-markets-after-historic-falls\/","title":{"rendered":"Russia closes stock markets after historic falls"},"content":{"rendered":"<p><span style=\\\"font-weight: bold;\\\">MOSCOW, October 7 &#8211; Russia on Tuesday froze stock market trading in a bid to stem investor panic that caused the worst-ever one-day fall on the benchmark RTS, now floundering 65 percent below its all-time high.<\/span><\/p>\n<p>Russia\\&#8217;s two main bourses said they were ordered to close by the country\\&#8217;s financial regulator after stocks lost nearly a fifth of their value on Monday amid panic selling by global investors fearful of a deep worldwide recession.<\/p>\n<p>The dollar-denominated RTS said it planned to reopen at 1:00 pm (0900 GMT), but a spokesman from the ruble-denominated MICES said it was not clear when full trading would resume.<\/p>\n<p>Limited action on the MICEX did resume under &quot;negotiated deal mode&quot; &#8212; market jargon for clearing the backlog of prior buy and sell orders through oral agreement, without use of computers, Interfax news agency said.<\/p>\n<p>President Dmitry Medvedev meanwhile convened a meeting at the Kremlin to examine Russian responses to the darkening situation.<\/p>\n<p>&quot;Various measures have already been taken and we will discuss various other proposals right now,&quot; Interfax news agency quoted Medvedev as saying at the start of the meeting.<\/p>\n<p>The order from the financial regulator came after markets in Asia fell sharply, with shares in Tokyo falling more than five percent at one point on Tuesday.<\/p>\n<p>In a global rout on Monday, New York\\&#8217;s Dow Jones Industrial Average fell below 10,000 points for the first time since 2004.<\/p>\n<p>Moscow-based analyst Chris Weafer described some of Monday\\&#8217;s losses on the Moscow market as &quot;insane,&quot; but said foreign investors would not come searching for bargains among undervalued Russian stocks any time soon.<\/p>\n<p>&quot;Until investors are convinced that (oil) will not trade down below 50 dollars per barrel, Russia risk is a fringe luxury that most global investors will avoid for now,&quot; said Weafer, chief strategist at investment bank UralSib.<\/p>\n<p>&quot;The country is not going bust and neither are any banks or major corporations&#8230;. But until some certainty in growth is established the market will remain speculative and volatile,&quot; he said in an email.<\/p>\n<p>The benchmark index on the dollar-denominated RTS stock exchange suffered its worst-ever fall Monday, falling 19.10 percent to close at 866.39 points.<\/p>\n<p>Among the worst losers was Russian gas behemoth Gazprom, down 24.42 percent at 5.20 dollars, number-two oil firm Lukoil, 24.16 percent lower at 40.50 dollars and top mobile operator MTS down 21.21 percent at 6.50 dollars.<\/p>\n<p>The record lows came despite the enforcement by regulators of two trading suspensions on the RTS and three stoppages for the MICEX, which ended down 18.66 percent at 752.00.<\/p>\n<p>&quot;The main reason for the fall was the collapse of world markets, the forced selling of long positions and the total lack of buyers,&quot; said Vladimir Vedeneyev, an analyst with the Bank of Moscow.<\/p>\n<p>&quot;The market suffered the worst day in its history,&quot; he said.<\/p>\n<p>Shares in Russia have fluctuated wildly in recent weeks, with regulators repeatedly forced to suspend trading and tighten controls in failed bids to stabilise the markets.<\/p>\n<p>Such nervy fluctuations were exacerbated by doubts about the US bailout package as it faced a difficult path to Congressional approval last week.<\/p>\n<p>The financial crisis, which started in the United States, has reportedly taken a major toll on housing and car sales in Russia, two closely watched sectors heavily dependent on bank financing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MOSCOW, October 7 &#8211; Russia on Tuesday froze stock market trading in a bid to stem investor panic that caused the worst-ever one-day fall on the benchmark RTS, now floundering 65 percent below its all-time high. Russia\\&#8217;s two main bourses said they were ordered to close by the country\\&#8217;s financial regulator after stocks lost nearly [&hellip;]<\/p>\n","protected":false},"author":12392,"featured_media":6757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"coauthors":[],"class_list":["post-6756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Russia closes stock markets after historic falls - Capital Business<\/title>\n<meta name=\"description\" content=\"MOSCOW, October 7 - Russia on Tuesday froze stock market trading in a bid to stem investor panic that caused the worst-ever one-day fall on the benchmark Kenya breaking news | Kenya news today |\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.capitalfm.co.ke\/business\/2008\/10\/russia-closes-stock-markets-after-historic-falls\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia closes stock markets after historic falls\" \/>\n<meta property=\"og:description\" content=\"MOSCOW, October 7 - Russia on Tuesday froze stock market trading in a bid to stem investor panic that caused the worst-ever one-day fall on the benchmark Kenya breaking news | Kenya news today |\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.capitalfm.co.ke\/business\/2008\/10\/russia-closes-stock-markets-after-historic-falls\/\" \/>\n<meta property=\"og:site_name\" content=\"Capital Business\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/facebook.com\/capitalfmkenya\" \/>\n<meta property=\"article:published_time\" content=\"2008-10-07T00:00:00+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@capitalfmkenya\" \/>\n<meta name=\"twitter:site\" content=\"@capitalfmkenya\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2008\\\/10\\\/russia-closes-stock-markets-after-historic-falls\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2008\\\/10\\\/russia-closes-stock-markets-after-historic-falls\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Russia closes stock markets after historic falls\",\"datePublished\":\"2008-10-07T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2008\\\/10\\\/russia-closes-stock-markets-after-historic-falls\\\/\"},\"wordCount\":557,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2008\\\/10\\\/russia-closes-stock-markets-after-historic-falls\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"World\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2008\\\/10\\\/russia-closes-stock-markets-after-historic-falls\\\/\",\"url\":\"https:\\\/\\\/www.capitalfm.co.ke\\\/business\\\/2008\\\/10\\\/russia-closes-stock-markets-after-historic-falls\\\/\",\"name\":\"Russia closes stock markets after historic falls - 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