Russian stocks rebounded on Friday as investors concluded that the market had over-reacted to new European Union sanctions against Moscow over the Ukraine crisis, but the ruble hit a new record low against the dollar.
The EU's new sanctions further restrict access to foreign capital for Russia's largest state-controlled companies, including top energy firms. The United States was expected to follow on Friday with similar measures, targeting Russia's largest bank Sberbank.
At 2:09 p.m., the dollar-denominated RTS index was up 0.37 percent to 1,222 points, while its ruble-based peer MICEX was 0.79 percent higher at 1,460 points.
Both indexes had fallen more than 1 percent in the previous session after the EU sanctions were announced.
INC News 12/09/2014
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