Russian markets rebound

Russian stock markets jumped and the rouble strengthened on Monday after the bourse decided not to allow some foreign investors to return to the market for the first time since February, reports Reuters.
Traders expect that if foreign investors return some will immediately sell shares given the uncharted waters of an equity market now offering huge risks and insufficient transparency.
Russia's stock market fell 3 per cent on Friday after the exchange said it would let clients from "friendly" jurisdictions, those which have not deployed sanctions against Russia, start trading after an almost six-month hiatus.
However, in a statement after Friday's market close, the Moscow Exchange said the ruling on the return of foreign investors would only apply to the derivatives market, not the main stock market.
The dollar-denominated RTS index was up 2.5 per cent to 1,099 points at 0940 GMT, while the rouble-based MOEX Russian index was 2.2 per cent higher at 2,098 points.
Analysts said the clarification on the return of foreign investors could catch out short sellers that had bet on the market sliding once some foreigners were able to offload their holdings.
"Those who were waiting for excess supply of shares and opened shorts will close their positions today, which may result in a short-term rebound," the Moscow-based BCS Global Markets brokerage said in a note.
No date has been set for when foreigners from "friendly" countries - which account for 1 per cent of Russian holdings - will be permitted to trade Russian shares.