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Russian Global Depository Receipts (GDRs) fell in line with a collapsing global stock market on Friday, while Moscow's bourses remained shut by order of the markets watchdog. The FTSE Russia IOB index, which contains some of the most liquid Russian GDRs, closed down 10.2 percent on the day, shrugging off news that Russia could start buying shares to support the market in the next few days.
The share purchases are part of Russia's $210 billion market rescue package, but analysts say the global financial market situation needs to stabilise before confidence returns. Moscow's bourses did not open on Friday, but that did not stop them from recording their worst weekly performance in a since the 1998 financial crisis.
The benchmark RTS index has lost 21 percent this week, while the MICEX, an indicator of more liquid rouble trade slumped over 24 percent. The MICEX exchange plans to resume trade on Monday, October 13, an exchange official said, but the head of Russia's market watchdog, Vladimir Milovidov, said he was still weighing options.
Miner Norilsk Nickel, part owned by cash-strapped Russian billionaire Oleg Deripaska, fell 7.7 percent. Russia's largest oil company, Rosneft fell 13 percent, while the price of oil fell 4 percent.
The sharp selloff as investors flee Russian assets has put pressure on the rouble, prompting regular interventions from the central bank to support the currency around the 30.41-40 level against a euro-dollar basket. Dealers estimated the central bank sold around $3 billion on Friday, taking sales for the week to roughly $17 billion or approximately 3 percent of Russia's gold and forex reserves.

Copyright Reuters, 2008

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