Russia and the rest of the world have both suffered a terrible week in their stock marketsA misleading calm prevailed in Russia this week after two days in which the Russian stock market crashed and another two days in which the market was closed. The recent plane crash in Perm, the worst in years, was bigger news in Russia than the sinking markets. Russia's news media presented plummeting share losses in a matter of fact manner, while wondering how the Russian government was going to respond to this harsh new economic reality. Markets remained closed on Thursday.
Russian markets fell 17 percent Tuesday, the biggest drop since 1998, bringing market levels to their lowest point since 2005. Gazeta.ru published these illustrative numbers at the moment of the unscheduled early closures of the dollar-denominated MICEX and ruble-denominated RTSstock exchanges: shares of VTB dropped by 32.5%, Sberbank (the largest bank by deposits in Russia) – 20.9%, FSK – 27.6%, Transneft – 24.1%, Tatneft – 15%, Lukoil – 13.5%, Norilsk Nickel – 8.2%, Severstal – 8.7%, Gazpromneft – 8.2%, etc.
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