Trading resumes on Moscow markets

Russia’s stock markets made early gains today after trading opened several hours late – a day after suffering steep plunges.

The RTS exchange resumed normal trading at 1pm (10am Irish time) and was up 1.3% to 877.8 points in the first 20 minutes.

The MICEX, where most trading takes place, rose by 1.6% to 763.8 points within minutes of opening at 1.15pm (10.15am Irish time).

The indexes of both the RTS and the MICEX dropped 19.1 and 18.7% yesterday amid concerns about the falling price of oil – key to Russia’s economy – and fears about the world financial crisis.

The RTS – which has plunged nearly 65% since May – suffered its worst-ever losses.

Later today, Russian President Dmitry Medvedev is expected to announce measures to provide further financial support. The government has already pledged some €125bn in the form of loans and relief.