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Sunday, May 21, 2006

Russian Stock Market Nosedives

Kommersant reports that "last week was one of the worst during the entire history of Russian stock market. Russian Trading System (RTS) index dropped by 13.7 percent—the largest drop since November 2003. However, analysts believe that all negative factors were included into the prices, and there is no risk of another drop during the next week. Stock quotations continued to drop at Russia’s stock market yesterday. Bidding resulted in that RTS index dropped by 2.74 percent and came below 1450 points. MICEX dropped by 3.26 percent, and Kommersant’s index—by 3.75 percent. The week’s results are even worse. RTS index lost 13.7 percent or more than 230 points. In relative terms, this is the largest drop since November 2003. Back then, after the arrest of YUKOS head Mikhail Khodorkovsky, RTS index dropped by nearly 15 percent. In absolute terms, RTS index had never dropped so low in its entire history."

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