ChartingStocks.net
Tuesday, February 17, 2009 11:17
The Russian stock market collapsed today [June 17], causing the RTS and the Micex stock exchanges to suspend trading for one hour at 4:05 p.m. Moscow time. The RTS stock index, which is denominated in US dollar, plunged 9.4%, while the ruble-denominated Micex stock index fell 9.6%. The decline in Russia followed a tumble in oil prices, which accounts for the bulk of the Russian economy, and declines on global stock markets.
The chart below shows the relationship between the Russian stock market and oil prices. Notice they rise and fall together. You can also see that the Russian stock market peaked a few months before oil peaked. It is common to see the stock react before the commodity or economic news. Stocks are leading indicators.
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