RTS index drops while trade volume surges

Today's opening of the Russian stock market took place against thebackground of a slight price increase; but soon sales started dominatingdue to a considerable fall in Europe, and the market fluctuatedsignificantly to the 'negative area'. By 2:00 p.m. Moscow time, the RTSindex declined by 0.99 percent while the trade volume was at $9.2m. TheRussian market continues following the trends of world markets; no ownfluctuations have been registered.The release of the half-year report of RAO UES according to Russianstandards did not influence the market, analyst of the ATON InvestmentCompany Vladimir Detinich reported to RBC. "Prices for brent oil in London(the nearest futures contract) declined slightly to $0.27 per barrel today.Data emerged that OPEC was preparing a quota increase in the fourth quarterof 2002. A decision on it is to be made at a conference in Osaka onSeptember 19. Oil prices started decreasing on European markets. BP andShell lost 2-3 percent. US futures indices opened with a slight decline andwent down even more by the middle of the day. A more considerable decreasethan a 2-percent one, took place on European stock markets. According tothe data posted today, Ifo, a German index of business activity, has beengoing down for the third month in a row and at a greater pace than it wasexpected", the expert stressed..