Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc Message Board

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Politics : Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc

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To: SOROS who wrote (420)	9/21/1998 9:44:00 PM
From: SOROS	of 1151

September 21, 1998: 12:10 p.m. ET MOSCOW (Reuters) - Russia's paralyzed stock market inched even closer to oblivion Monday, setting a new low in a market seen as virtually frozen after investors were spooked by the suspension of ruble-dollar trade earlier in the day. The RTS-Interfax share index closed down 4.62 percent at 47.81 on turnover of just $749,925. The market's previous low of 50.12 was set Friday. Market bellwethers LUKoil and UES both posted significant losses, with UES falling 20 percent to end at 1.7 cents and LUKoil 12 percent to end at $2.90. Ruble-dollar trade on the Moscow Interbank Currency Exchange's electronic SELT system was suspended for Monday as the central bank compiled a list of banks that hadn't cooperated in a plan to restart the frozen payments system. They will be barred temporarily from foreign exchange trade, the bank said. A spokeswoman for the Russian Trading System said the suspension had brought RTS share trade to a standstill. "Everything is frozen right now while people wait to see what is happening with the ruble," she commented. Forex trade on the SELT system had been started briefly twice earlier in the day. After the second time, the ruble slid sharply to 17.60 to the dollar for today's settlement, down from the central bank's official rate of 16.38 to the dollar. In the absence of a Monday trading session, the central bank said its official rate for Monday will be used again Tuesday. Russia's stock market has fallen some 90 percent since the beginning of the year and has been trading around record lows since a de facto ruble devaluation last month.

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