Russian shares fall, unmoved by government rescue plan

Russia's exchanges suffered losses Monday on deteriorating oil prices, reversing an initial gain as markets remained impervious to news that the government plans to push through a new nearly 7-billion-dollar crisis control plan, reported dpa.

The drop was partially a delayed reaction to Friday's global share selloff, when Russian market regulators kept trading shut all day. It matched a decline in Russian shares in London on Friday, analysts said.

Moscow's MICEX and RTS "should mark down more than 10% at the opening to catch up with Friday's ADR trading in London and in reaction to sharp falls in the price of oil, nickel and other commodities," Roland Smith, head of research at Moscow-based Alfa bank, said in a note to investors.

The leading MICEX index dropped nearly 5 per cent, prompting regulators to halt trading for an hour at 15:08 (1108 GMT) in what has become a series chronic stoppages in recent weeks. The bourse, where most Russian shares are traded, traded at 666.82 points at 6 pm.

The dollar-denominated RTS was down over 6 per cent to 790 when it was also suspended a half hour before closing at 5:30 pm.

Government plans to start spending 175 billion rubles (6.7 billion dollars) through state-controlled Vnesheconmbank on Monday to bolster stock prices by boosting shares in state firms helped early gains on the MICEX. Those gains were led by banks Sberbank and VTB Group and power generator OGK-3.

"Support for Russian stocks may come from direct buying by the Russian government," Smith of Alfa Bank said Monday. "However, it was indicated that any buying will be done over the course of weeks and months, as the government is looking to accumulate stock at a good price rather than providing a splash of market support."

Lawmakers on Monday also approved a crisis plan, which calls for higher deposit insurance at private banks. It also licenses the Central Bank to give out unsecured loans to state banks.

The plan hands 950 billion rubles (36.4 billion dollars) in loans to Russia's three largest state banks.

"(The package) has one goal: preserving the stability of our financial market," President Dmitry Medvedev said at the signing of the bill Monday.

But trading on Moscow's bourse remained uncertain and investor confidence was shaken as market regulators halted the clock for the thirteenth time this month.

Authorities kept markets shut Friday after US stocks hit five-year lows, even though both indexes had gained steeply Thursday.

Moscow's markets have been hit by the drop in oil prices. Additional weakness has been caused as investors pulled out amid the global turmoil and over Russia's recent war with Georgia. Russian markets saw their worst week last week since the 1998 ruble default.

Uzbekistan's official reserve assets decrease
Uzbekistan's official reserve assets decrease
Uzbekistan to attract carbon credits to create forest plantations
Uzbekistan to attract carbon credits to create forest plantations
EPR approves creation of Human Security Trust Fund for Aral Sea region in Uzbekistan
EPR approves creation of Human Security Trust Fund for Aral Sea region in Uzbekistan
Loading Bars
Latest
New power plants construction in Azerbaijan to allow export of electricity
Turkey's furniture and timber exports to Kyrgyzstan down
Oil prices slip as U.S. inventory build stokes fears of supply glut
MP states need to create Agrarian Bank of Azerbaijan
Azerbaijani Defense Ministry gives update on current hostilities
Strategy for long-term development of Azerbaijan energy sector to be developed until 2050
Foreign investors to invest about $400 million in renewable energy projects in Azerbaijan
Azerbaijan to put banknotes with updated design into circulation (PHOTO)
Express Bank reduces its net profit
Armenian armed forces shelling Azerbaijani Tartar region
Spain considering curfews to tackle new wave of coronavirus
Association of Restaurants demands meeting with PM
TOGG partners with Farasis for li-ion battery production in Turkey
Iran exports over $30 billion worth of goods in 6 months
Earthquake reported 386km away from Almaty
Sarajevo mayor underlines urban cooperation with Tehran
China's 2020 auto production and sales could return to 2019 levels
Amazon extends work from home option till June
Can Tesla hit 2020 delivery goal? Investors watch for Musk steer
Fiancee of Khashoggi, human rights group sue Saudi crown prince in U.S.
Iraqi security forces find 50 bodies in mass grave in Kirkuk
5.6 tons of cannabis seized in Morocco
Ex-Burundi president gets prison term for 1993 killing of victorious election opponent
DOJ lawsuit unlikely to knock Google from pole position
Footage of destruction of Armenian Armed Forces' military equipment, manpower published (VİDEO)
News spread by Armenian Defense Ministry that military operations being conducted in Khudaferin direction nonsense - Azerbaijani MoD
I want my dear people to know that the capture of every village and every height requires great courage - President Aliyev
We are saying whatever is possible today, says Azerbaijani president
Online election registry available for Georgian citizens residing abroad
We will continue to expel these liars, says Azerbaijani president
Armenia must declare before it is too late that it is withdrawing from occupied territories - President Aliyev
We are fighting alone and everyone knows that - President Aliyev
President Aliyev on destroyed and taken as military boot military equipment of Armenian armed forces
Armenian leadership already on their knees, we have shown them place they deserve - Azerbaijani president
Azerbaijan conducts military operations on its territory recognized by international community, says President Aliyev
Our fist is there not only to smash the enemy’s head. Our fist is a fist of unity - President Aliyev
AstraZeneca U.S. COVID-19 vaccine trial may resume as soon as this week
We are on the threshold of the Great Return - President Aliyev
Victorious Azerbaijani Army gaining new victories on battlefield, says Azerbaijani president
Professional journalist, Azerbaijan`s and AZERTAC`s friend He Ping appointed as President of Xinhua News Agency
They simply deceived us and international mediators - President Aliyev
Turkey reports 1,894 new COVID-19 cases, 351,413 in total
Int’l conference on 175th anniversary of Abai held in Kazakhstan
FLEX Alumni sends letter to attention of US Ambassador in Azerbaijan
Azerbaijan Air Defense Units destroy another UAV of Armenian armed forces
Senior diplomat: Iran has nothing to hide about Ukrainian plane incident
Armenian armed forces units in Gubadli direction destroyed (VİDEO)
Azerbaijan's MoD warns about sharing unnofficial information on social media
Azerbaijani ombudsman prepares report on Armenia’s shelling of Ganja with ballistic missiles
Three new cable cars built in Georgian Bakuriani
Azerbaijan destroys Armenian UAV flying in direction of Ganja
Azerbaijani Prosecutor General's Office files criminal cases on crimes committed by Armenian troops
Azerbaijan's MoD dismisses Armenia's information on Khudaferin
Permits for residential construction remain solid overall in Georgia - TBC Research
Iranian Energy Exchange announces products to be on sale October 21
Azerbaijan's Goranboy, Tartar subjected to artillery, missile fire from Armenia
Most of IUCN Red List flora, fauna species on Azerbaijan's occupied lands destroyed
Azerbaijani ministry predicts growth of electricity production by 2025
Azerbaijan reveals data on foreign trade turnover for 9M2020
Uzbekistan's official reserve assets decrease
Georgians arriving home with negative PCR tests not to be placed under mandatory quarantine
Georgia returns to third place in international hazelnut market
Preventive diplomacy is an integral part of Turkmenistan's neutrality - President of Turkmenistan
Islamophobia, Turkophobia – Armenia’s main disease, says Turkish presidential administration
Kazakhstan’s pharma company to build nonwoven fabric plant
Number of restored mines in Iran revealed
Kazakhstan's medical goods producing capacities to be increased before year-end
Turkmenistan significantly increases exports of cement products to Kazakhstan
Italy slows down on import of Turkish furniture
Turkmenistan's Turkmennebit opens tender for purchase of equipment
Azerbaijan confirms 128 more COVID-19 recoveries
Whole world should see Armenia targeting Azerbaijan's civilians - Speaker of Grand National Assembly of Turkey
Uzbekistan to attract carbon credits to create forest plantations
Kazakhstan's imports of furniture, wood from Turkey up within 9M2020
Baku Stock Exchange places Azerbaijan's Finance Ministry state bonds at auction
Iran's Central Bank increases working hours for legal exchange offices as foreign currency rate drops
Mehriban Aliyeva congratulated Azerbaijani people on liberation of several villages of Fuzuli, Jabrayil, Khojavand, Zangilan districts and the city of Zangilan
Israeli markets' demand for Turkish furniture rises
Review of Georgian exports to China
Iran`s President reacts to restriction of essential goods and medicine`s supply
Coronavirus spread reaches alarming state in some Iranian provinces
Kazakhstan's gov't decides on power plants' modernization methods in Almaty
Iranian Covid-19 vaccine to enter the human testing phase by early December
The dilemma of pricing of steel products in Iran stock exchange
Azerbaijani state service to put up state properties for auction
Bahar Azadi gold coin price still falling in Iran
Azerbaijan increases value of electricity production
Georgian Chestnuts Export plans to open production of chestnut flour
Iran car makers to offer 153,000 cars by the end of current Iranian year
Gasoline and methanol account for main part of Iran’s total export
2 civilians killed during shelling of Azerbaijan’s Tartar by Armenian armed forces
Azerbaijani FM meets with speaker of Turkish Grand National Assembly (PHOTO)
Iran to reinstated several mines
Iran's import of Turkish furniture down significantly
Iran to provide free electricity to low consumption users in Tehran
Kazakhstan, Norway trade turnover increases despite COVID-19
EPR approves creation of Human Security Trust Fund for Aral Sea region in Uzbekistan
Azerbaijan’s territorial integrity to be fully restored soon: Leader of Russian party
Azerbaijani banks foreign currency demand disclosed
Oil bitumen imports decline in Georgia
All news