Daily Archives: November 18, 2008

Special Extra: Freefall on the Stock Market, Redux

The MICEX in freefall

The MICEX in freefall

The Russian stock market is back in freefall.  For the second straight day, the dollar-denominated RTS exchange was shut down to stop horrific financial bloodletting, this time after less than half a day’s trading had taken place.  The index plunged by over 4.5% and was artificially halted at noon Moscow time at the shocking value of 577.  Mighty Gazprom’s shares were down nearly 6% as the price of oil continued to plummet precipitously. Once again the Russian market, supposedly a “leader” among emerging economies and “insulated” by fossil fuels from world market vagaries, bore the brunt of world losses and was easily out-performed by nations like Poland.

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