Moscow stock market "virtually exploded" at news of Russia winning global investment status, finance house Troika Dialog saidThe market opened low on what was meant to be a day of profit-taking, then "history was made," said a research review published in the Russian capital.
Troika analysts were tracking market developments after global bond rating agency Moody's upgraded Russia's financial integrity to prized new status citing "increasing prudence" by the authorities in handling fiscal affairs.
"The market closed at its highest point, 629, on its highest volumes ever," they said. "Cumulative reported turnover was more than $1.5 bln, suggesting a great deal of enthusiasm and probably more money to come."
Equities rallied 3.15 percent. Norilsk Nickel was best performer, gaining 8.3 percent on the day, with Gazprom and Surgutneftegaz both up 6.7 percent.
Traders described the market as "heavily overbought" but said past experience showed the Russian market tended to follow up on such big gains.
Michael Stedman, Associate Editor
After the incident with the shootdown of the Ilyushin Il-20 reconnaissance aircraft over the Mediterranean Sea, Russia will supply an S-300 anti-aircraft missile system to Syria
Indeed, how dare they run US-independent policy? They should have followed the example of the European Union that turned independent states of the Old World into US-ditto entities