Moscow  - Russia's two leading exchanges rebounded at the start of trading Thursday after a week of staggering losses in Russia's worst financial crisis since the national debt default of 1998.

The benchmark RTS rose 11.93 per cent to 852.22 points by mid- morning, while the ruble-denominated MICEX index scaled more than 14 per cent.

Russia's second-largest oil firm Lukoil led the climb in share prices on the MICEX with a 21.13-per-cent increase, while state monopoly Gazprom gained 11.36 per cent.

A day earlier, market watchdogs had promised to close the MICEX exchange until Friday and the RTS indefinitely as shares toppled. Trading has been halted 11 times in the last three weeks.

Moscow's bourses have been assailed not only by the global financial crisis, but undercut by the drop in oil prices and a war with Georgia two months ago that has spooked risk-averse investors.

The Kremlin pledged 36 billion dollars on Monday when the markets saw their steepest ever losses.

The rescue package came on top of an earlier 150 billion dollars promised to banks and small lenders. (dpa)