Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Real Man who wrote ()	5/18/1998 5:18:00 PM
From: Real Man	of 1301

MOSCOW, May 18 (AFP) - Russian stock prices plunged by more than 10 percent on Monday as bond yields rose amid continuing nervousness over emerging markets, traders said. At 4:00 p.m. the Russian Trading System (RTS) index stood at 232.12 points, representing a decline of 10 percent from the closing value on Friday. The MT50 index of leading issues stood at 168.73 points, down more than 11.5 percent on the day. "It went down from the open and kept on going," said Gary Kinsey, a trader with the Brunswick brokerage. "We are seeing some buying now but not of a nature that would indicate any sort of rally." He blamed the continuing fall on concerns over the situation in Indonesia and increasing rumours of a possible devaluation of the ruble, following fears of a currency crisis raised in a report in the Wall Street Journal on Monday. Stock prices, which had fallen by about 15 percent in four days of trading last week, were now at a lower level than in January 1997, Kinsey said. Bond yields meanwhile continued their upward spiral, with the three-year paper bid up to 55 percent annually and one-year issues at 48 percent.

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