During Tuesday's trading, the Chinese Shanghai composite index plunged 3.35 percent, Japan's Nikkei closed almost 5 percent down, key Western European indices fell almost 2 percent; Russia's dollar-denominated
RTS index was down 1.82 percent.
The
RTS Index lost 0.9%, closing at 1,138 and RUB deteriorated towards 62 versus USD.
The dollar-denominated
RTS index was flat while the rouble-based MICEX rose 0.5 percent.
Futures on the dollar-denominated
RTS index dropped 0.8 percent after climbing as much as 1.9 percent.
However, the ruble fall led to a 3.7% decline by the dollar-denominated
RTS Index to 1245 points.
The losses have been a particularly harsh blow in the wake of a 180 per cent rise in the
RTS index in the first nine months of 1997.
The
RTS Index slid 0.8% while RUB stood nearly unchanged versus USD.
The rouble-traded MICEX dropped 2.6 percent in early trading and was down 2.0 percent at 1,445.30 points at 0750 GMT; the dollar-traded
RTS index was down 3.3 percent at 1,305.76 points.
Given the fact that the earlier traditional inverse relationship with the
RTS index S & P500 has long been broken, expect the possibility of predicting the behavior of the Russian market is extremely difficult.
Summary: LSREe's GDRs have surged 50% YTD, outperforming the
RTS index 16% and reaching a solid valuation of 0.8x P/NAV.
The dollar-denominated
RTS index rose more than 1 percent immediately after Russian news agencies reported Putin's move, citing his official spokesman Dmitry Peskov.
In the Russian market growth timbre supported only the
RTS index, which is understandable against the background a bit to sink the dollar in the last few days.