Monday, October 6, 2008

Trading suspended on Russia's MICEX after 15 percent plunge

The devastating effects the US financial turmoil and tumbling oil prices had trigger the global economic crisis. It sent the Russian stock markets into their biggest downward spiral since 1998.

Trading has been suspended on Russia's leading stock exchange after shares plunged by more than 15 percent amid a backdrop of falling oil prices and fears over the global economy.

Trading was halted on MICEX at 1:35 p.m. (0935GMT) for one hour Monday. Shares fell by 15.4 percent to 781.8 points.

The benchmark RTS index fell by 13.9 percent to 921.7 points, but continued to trade. Mining firm Norilsk Nickel fell by 25 percent on the MICEX. State-backed lender Sberbank by 16 percent and state-controlled oil major Rosneft by 17.4 percent.

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