Russian shares resumed declines after brief trade suspensions on Wednesday, and key indexes fell around 8-9 percent, outpacing losses on Western markets. Losses accelerated as US markets opened lower, driven down by worries that efforts to ease the credit crisis would not avert a recession.
Traders said the moves - relatively mild by the standards of the increasingly illiquid Russian stock market, where double-digit index moves have become commonplace since the market collapsed in September - could herald a decrease in volatility. The benchmark RTS held onto the remains of the previous day's 9.9 percent gain, closing down 9.26 percent at 788.89.
The MICEX index fell 8.67 percent to 689.71 after gaining 13 percent the previous day. The bulk of the decline occurred after European markets opened as relief at concerted international anti-crisis measures gave way to worries about economic recession.
Trade on both the MICEX and RTS exchanges was suspended for one hour, then resumed. Shares in LUKOIL, battered by falling crude prices, were suspended for an hour in late trade and closed down 11.82 percent at 1,030 roubles per share.