Posted on 10/06/2008 6:31:13 AM PDT by TigerLikesRooster
Russia suspends trading on stock exchange
AFP
MOSCOW, Mon.:
Trading on Russia’s ruble-denominated stock market, the MICEX, was suspended today after its main index nosedived more than 15 per cent on worries about global financial turmoil.
“Trading on the MICEX market was stopped for one hour,” from 0935 GMT, when the main index was 15.44 per cent down at 781.79 points, the stock exchange said in a statement on its website. - AFP
Ping!
Wonder if Putin will be deposed by all the new-money Russians who don’t like seeing their wealth destroyed; all because Putin wanted to take over Georgia, as part of his plan to be the next Peter the Great.
Just what is the % value of the Russian exchange compared to pre-Georgian invasion? It’s gotta be waaaaayyyyy down from all the threads I’ve read lately.
Isn’t this the fourth time in a month?
The ole war machine puts a lot of people to work, but plays hell with an economy.
OIL down $4.13 at this time (09:39 eastern) ,,, Russia no likee oil go down..
Would most of that 60+% loss be domestic or the result of foreign investors pulling out? (or just a combination of both)
Putin the Great and his generals talking about Ukraine being naughty and needing to be punished next ....... that’ll leave a mark
This is getting to be a daily occurance.
Again???
Isn’t this about the 5th in the last few weeks?
What’s the total drop?
As happy as I have been in China Ultra Short funds, I wish now I had picked Russia to bet against instead.
My guess is it is a combination of:
Oil going from 145 to below $90 and
Foreign investors fleeing as Putin gets more “Soviet” by the day.
Vladi played a little game of near-abroad imperialism, coupled with naked confiscation of foreign assets. It badly weakened Russian financial system, now is being hammered by the force Vladi never imagined. Maybe he was too preoccupied with destabilizing U.S. to pay attention to what is coming to Russia.
Thank you both.
Putin has leveraged oil producers to such an extent that producers are loosing money if oil drops below about $85 per barrel they start loosing money! “... Urals blend is now priced in Rotterdam at $88 per barrel. With the Primorsk FOB Urals price (ex-freight, clearing fees and port charges) at about $86/bbl, Russian companies are paying $68/bbl in export duties and another $17.40/bbl in oil extraction taxes. That results in more than $85/bbl being paid into the treasury in these two taxes alone...” http://fredfryinternational.blogspot.com/2008/09/only-in-russia-oil-producers-losing.html
Pootie has a very big problem is the producers stop producing!
It couldn't have happened to a nicer thug.
At $70 per barrel they will consider shooting him! (maybe sooner!)
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