Trading suspended on Russian exchanges as shares dive

MOSCOW (AP) - Trading on Russia's two main stock exchanges has been suspended trading as shares fell steeply in morning trading.

 

Trading was suspended at 1:05 p.m. (0905 GMT) Oct. 15 for one hour on the RTS after shares fell by 6.9 percent to 809.6 points. MICEX, where most trading takes place, suspended trading at 1:35 p.m. (0935) for one hour after stocks dropped by 6.9 percent to 702.4 points.

Shares fell as oil prices -- the backbone of Russia's economy -- dropped to US$77.8 a barrel as Asian indexes moved lower Wednesday. European stocks also declined in morning trading.

Russia's stock markets are now down some 65 percent since their May peaks. Russia's short war with Georgia in August spooked many investors, and the domestic markets have been harder hit than most by concerns over the global economic outlook and sliding oil prices.