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Russian markets open with sharp gains

14 October 2008, 10:06 | Associated Press
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The MICEX trading floor.
MOSCOW (AP) _ Russia's stock markets joined Asian and U.S. markets in an upward surge Oct. 14.

MICEX, where most of Russia's trading takes place, climbed 11.5 percent just after the opening, while RTS gained 5.9 percent.

The rise followed Monday's sharp decline on lower world oil prices and new struggles for control of the world's largest nickel miner. Regulators suspended trading several times on the two exchanges.

The global financial crisis, Russia's five-day war in August with Georgia and plummeting commodity prices have made Russian markets some of the world's worst-performing. The RTS is down more than 65 percent from its May high.

The MICEX has lost over 64 percent.
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