Russian shares plunge

With the price of crude sliding, oil-rich Russia on Monday saw its stock markets take their most brutal one-day beating ever. The benchmark RTS index plunged by 19.1 percent to 866.4 points, while the MICEX — where the bulk of trading takes place — fell by 18.7 percent to 752 points, the largest single loss ever for both. In a desperate bid to stop the bleeding, trading was suspended three times on MICEX and twice on the RTS — to little apparent effect. The carnage continued a three-month slide. Since May, Russia's RTS has plunged by 64 percent — almost two thirds, to its lowest level since August 2005. "The mood is kind of disbelief. You'd think we would have gotten used to it by now," said Ron Smith, strategist at Moscow-based Alfa Bank. "Traders are just sitting there staring at the screens and going 'wow.'" The selloff... [read full story]