Business News
Russia's MICEX gains after one-day shut down
Oct 13, 2008, 9:27 GMT
Moscow - Russia's MICEX exchange gained ground on opening Monday after regulators order full-day closures Friday as stocks were pummeled on global markets.
Higher oil prices was a salve to Russia's energy dependent markets, while state banks Sberbank and VTB Group led share increases.
The leading MICEX index rose 2.81 per cent by 1:00 pm (0900 GMT) to 720.03, but Moscow's benchmark RTS exchange was down a modest 1.41 per cent to 832.80.
The leaders on the MICEX were power generator OGK-3 and oil and gas majors Gazprom and Surutneftgaz.
Trading on Moscow's bourse was uncertain last week as market regulators stopped and started the clock over a dozen times.
Authorities kept markets shut Friday after US stocks hit five-year lows. Both indexes had gained steeply Thursday.
The government is to start spending 175 billion rubles (6.7 billion dollars) on stocks and corporate bonds Monday as part of a government plan to bolster share prices.
Premier Vladimir Putin said Friday the government would likely increase stakes in state companies.
Moscow's markets, hit by the drop in oil prices and investor pull out amid the global turmoil and over Russia's recent war with Georgia, saw their worst week since the 1998 ruble default.
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