SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Investment in Russia and Eastern Europe
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Real Man who wrote ()5/18/1998 5:19:00 PM
From: Real Man   of 1301
 
At one point trading was halted because of panic selling...

MOSCOW, May 18 (UPI) -- Russian stocks dived again on new rumors that
the economy was not performing as well as expected and the ruble may be
devalued.
A report in the Wall Street Journal on the ruble's shaky position
influenced the markets, already nervous over a proposed 25 percent cap
on foreign ownership of key blue-chip UES and continuing chaos in
Indonesia, prompting many investors to flee or at least scale back their
exposure to Russia.
Western traders set the tone for the day by placing heavy sell
orders, and as the day progressed the market was driven lower as buyers
failed to materialize.
At one point some blue chips were down 15 percent, and by 5 p.m.
trading on the main Russian Trading System was halted because of panic
selling.
Trading resumed 20 minutes later, but the selling continued, driving
the market broadly lower for the fifth consecutive trading session.
The RTS index closed at 227.61, 12 percent down on Friday's close,
and traders said they were preparing for more negative news as the ruble
took a hit, trading at 6.19 to the dollar, down from a level around 6.14
to the greenback.
The Russian Central Bank reported heavy dollar purchase orders placed
by Russian commercial banks in anticipation of a possible run on the
currency.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News