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24 Jan, 2008 12:38

Russian stock markets recover

Stock markets in Russia are back in the black, holding on to gains made in early trading on Thursday. The rebound almost wipes out losses made during a global sell-off over the last three days. However, investors remain wary, saying the positive trend cou

In Moscow, many market watchers are predicting more falls. Others are upbeat, including the head of the Institute for Economy in Transition, Egor Gaidar.  He says Russia’s large gold and currency reserves could help it stave off crisis.

“Russia's Stabilisation Fund is the vehicle to deal with this type of problem. If the financial policy in Russia is conservative and reasonable, then of course the Stabilisation Fund would allow us to minimise the negative impact of the global market dynamics on the Russian economy,” Gaidar said.

It was a volatile day for Asian markets. After a flying start, there were signs of a downturn later, with indices in India and Hong Kong reversing previous gains.

European exchanges are on the up despite news that French bank Societe Generale had unearthed a seven-billion-dollar fraud by a single trader.

New York stocks have fluctuated in early trading despite hopes that a positive employment report might restore market confidence.