Sep 16, 2008

Continued Stock Market Woes in Russia

Financial Times: Russia authorities halted trading on the country’s stock exchange after it plunged 17 per cent in a broad-based sell-off. At 1700 local time, the rouble-denominated Micex index had fallen 17.5 per cent to 881.17 and the RTS index dropped 12 per cent to 1,131.120 as the falling oil price, margin calls on local investors and a broader sell-off in emerging markets stocks drove shares down. Said Steven Dashevsky, head of research at Unicredit in Moscow:

“This is a good old-fashioned panic.”

Well thank God's it's old-fashioned and hopefully in line with Putin's family policy.

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