The ruble-denominated MICEX saw its index go up 7.42% in early trading after opening at 10 a.m. Moscow time, but the growth had eased to 5.14%, 629.21 points, by 11:30 a.m. (08:30 GMT).
As of 11:30 a.m. Moscow time, the dollar-denominated RTS benchmark index went up 3.92% to 672 points, after jumping by 9.21% to 677 an hour earlier.
The bourses were closed for portions of Thursday, when some indices plummeted 20%.
The Russian market was hard hit by the global financial crisis. It originated in the United States last summer, when the mortgage market collapsed, and has spread to other countries.
Some analysts said the advance on the Russian and other markets on Friday was driven by an international meeting in Washington on Friday and Saturday to discuss ways to tackle the crisis.
The meeting of the Group of 20 developed and developing nations is expected to yield decisions to improve the global financial system, although quick solutions to deter recession facing the world economy are unlikely.
