Russian stock market hampered by unclear outlooks for oil prices

Today's trade on the Russian stock market ended in an insignificant growth of major stock indices. For example, the RTS index went up to 350.28 points, increasing by 0.41 percent on the growth of shares of the Norilsk Nickel Mining and Metallurgical Company by 4.8 percent, the Sibneft oil company by 0.84 percent and Sberbank by 2.16 percent. Share prices of the YUKOS Oil Company continued declining against the background of the unclear situation on the world oil market. They went down by 1.16 percent. Additionally, LUKoil shares decreased by 0.6 percent.

The release of positive report for the first half of 2002 under the International Accounting Standards (IAS) by RAO UES enabled the shares of the energy grid to continue surging. At the trade, RAO UES shares gained 0.4 percent.

On the whole, the Russian stock market has been growing. Investors expect the stabilization of the situation around oil prices for resuming purchases of Russian oil shares, all the more because the medium-term outlooks for the US stock market have been rather positive. The stable macroeconomic situation in Russia also prevents the Russian stock market from a considerable drop.

From the technical viewpoint, the short-term trend has remained downward; at the same time, the nearest levels of support and resistance are 346 and 355 points of the RTS index respectively.

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Author`s name Editorial Team