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Old 10-08-2008
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Default Panic as Russian stock market falls by almost 20%

RIA Novosti
Ocotber 7, 2008

The Russian stock market gave in to panic on Monday with the MICEX dropping 18.6% to 752 points and the RTS falling by 19.1% to 866.39 points - the worst losses since the 1998 crash.

Russia’s financial system has been affected by a global credit crunch which started in the U.S. and quickly spread to Asia and Europe leading to record losses on Russia’s financial markets, rising interest rates and a liquidity shortage.

Sergei Sheikov, managing director for corporate clients at the Olma Company said: “Monday became one of the blackest days for most market participants - for the first time since 2005 the RTS index closed below the psychologically important benchmarks of 900 and 1,000 points.”

Losses for many blue chip stocks exceeded 20% with Norilsk Nickel shares worst hit as they plunged 30.2%. The losses forced the closure of the MICEX, Russia largest index, and RTS three times on Monday.

Fears regarding the spread of financial crisis caused all world markets to plunge, which contributed to Russia’s market losses. Britain’s FTSE 100 experienced its worst day since 1987 as stocks plunged 7.85% and France’s Cac 40 index fell 9.04%, and in the U.S. shares fell below the 10,000 point level for the first time in four years as they shed 4.65%.
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Old 10-12-2008
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Stocks didn't really start tanking until after they passed the bailout.
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"Fears regarding the spread of financial crisis caused all world markets to plunge, which have contributed to Russia's market losses"
"We don't give a damn anymore as to what happens in the West. The market is falling as people are in dire need for cash," said Maxim Gulevich, director of equities trading at UBS. I have always believed Asian markets are way too much influenced by it.
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Old 10-15-2008
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There is nothing to panic. Its the situation all around the world whole universe is suffering from financial crises. Soon the things would be under control. Be positive
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Old 10-16-2008
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Quote:
Originally Posted by Donna18 View Post
There is nothing to panic. Its the situation all around the world whole universe is suffering from financial crises. Soon the things would be under control. Be positive
lols i hope so.
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The whole global economic system is going to collapse. We are going to be bartering with chickens and cows soon.. If vladimir plans on reuniting the soviet union, maybe it will boost your economy
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Old 10-17-2008
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i couldn't agree more
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Quote:
Originally Posted by Caseyjr86 View Post
The whole global economic system is going to collapse. We are going to be bartering with chickens and cows soon.. If vladimir plans on reuniting the soviet union, maybe it will boost your economy

Hello Casey,

Yes the whole global economy had collapsed but it has recovering now. This was just because of the political conditions going on globally.
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