Russia halts trading after 17% share price fall

Russia halts trading after 17% share price fall

www.ft.com

Russian shares suffered their steepest one-day fall in more than a decade on Tuesday, losing up to 20 per cent, as a sharp slide in oil prices and difficult money market conditions triggered a rush to sell.

The heads of the Russian central bank, the finance ministry and the financial market regulator met on Tuesday night for an emergency discussion on ways to halt the crisis.

(visit the link for the full news article)

In spite of many posts over the last year or so that were supposed to assure us that Russia's financial situation was sound, we instead see the collapse of the Russian stock market to the point where trading was halted.

While financial problems have troubled the West, markets there have been able to weather the storm so far.

Could this allow Putin to tighten his grip even more in his bid to return to the old Soviet system?

www.ft.com
(visit the link for the full news article)

[edit on 9/16/2008 by centurion1211]

Honestly the U.S. markets have weathered the storm VERY well, if I'm not mistaken our markets are down the least of all global markets. Emerging markers have been crushed...and Russia is an emerging market....but really, the U.S. has done pretty well and has been quite orderly, despite the madness going on in the credit market. It pays to have the worlds largest capital markets sometimes

Already a thread here.