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Thread: Russia halts trading after 17% drop

  1. #1

    Russia halts trading after 17% drop

    Seems some countries get hit worse than the rest.

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  3. #2
    Can you cut/paste in here. I don't have an account with them to read it.

  4. #3
    Hmm, don't need an account to read that one, but here goes:

    Russia halts trading after 17% drop

    By Rachel Morarjee

    Published: September 16 2008 15:07 | Last updated: September 16 2008 15:07

    Russia authorities halted trading on the country’s stock exchange on Tuesday 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.

    “This is a good old-fashioned panic”, said Steven Dashevsky, head of research at Unicredit in Moscow. “It doesn’t feel like there is anyone domestically that can put the brakes on.”

    Oil stocks tracked the price of Brent crude, used as a benchmark for Russian oil sales, as it sank below $90 a barrel. Gas giant Gazprom fell 8.3 per cent to Rbs98 and Lukoil dropped 12 per cent to Rbs1,355.51.

    “The fundamental issue is oil. Russian oil companies are not producing more so their earnings are dependent on a rising oil price,” said Daniel Salter, analyst at ING. If the oil price falls, then earnings downgrades are in the pipeline for these stocks, he added.

    State-backed bank VTB tumbled 33 per cent to Rbs0.03 and Volga Telecom sank 28 per cent to Rbs37.

    Margin calls on local investors who have used stocks as collateral for loans continued to drive sales, as emerging market funds faced growing redemptions.

  5. #4
    Quote Originally Posted by GreenCardSeeker View Post
    Originally Posted by hawks4ronpaul
    Neocon Logic:

    * They hate us for our freedoms.
    * Therefore, they would not hate us if we were not free.
    * Therefore, the Neocons will save us by destroying our freedoms.

  6. #5
    Quote Originally Posted by sajorojas View Post
    Weird, I don't have one yet don't have any problems reading the article. Maybe accounts are only required to browse from the US?

  7. #6
    I am in the US and had no problem pulling the article up maybe some browsers are different

  8. #7
    Quote Originally Posted by Melissa View Post
    I am in the US and had no problem pulling the article up maybe some browsers are different
    FT leaves a cookie tracking visits. If you've been there too much you have to create an account. Deleting cookies should solve the problem.

    WSJ Online and many others do the same.

  9. #8
    I get the whole article if I click through on the Drudgelink. I get the setup a free account to read the rest when click through here. Drudge link is unrestricted.

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