From Russia Today:
Market Closes on Rise, Confounds Traders
MOSCOW, Oct. 15, 1998 -- (Reuters) Russia's crisis-battered share
market continued to rise on Thursday, confounding traders and sparking
a glimmer of hope that it may be set for a real rebound.
"I don't like to admit it, but I don't really understand what's going on -- there's no solid reason for it. ... People are beginning to seriously talk about the market's possible return to health," said a trader at one Russian brokerage. Trade on the country's main market, the Russian Trading System (RTS), was suspended briefly after the main RTS1-Interfax index surged 16.12 percent in the first 90 minutes of trade triggering a circuit breaker.
The Reuters real-time composite index, made up of dealings on major
exchanges and on the RTS over-the-counter system, closed up 5.12
percent at 70.98, while the RTS1-Interfax was up 13.18 percent at
58.73. Although just a fraction of its precrisis days, volume on the RTS was finally beefing up at $6.3 million, and doubled the previous day's volume for the third straight day in a row.
On Austria's Wiener Boerse, the RTX Russian Traded Index of blue
chip stocks was up 20.34 percent to 112.33 by 1410 GMT and the
Reuters Russian ADR index had risen 15.29 percent to 47.61.
Leading shares were up with oil major LUKoil closing at $4.08 from
$3.60 on Wednesday, Mosenergo at $0.029 from $0.019 and EES at
$0.031 versus $0.026. ( (c) 1998 Reuters)
.... looks like the beginning of a bull market to me! |
