East European stocks rose, led by the Yukos Oil Company amid speculation that the sale of an oil field stake and other ventures will boost the outlook for Russia's No. 2 oil company.
Russia's RTS rose by two percent to 397.67, Hungary's BUX gained 0.4 percent to 8013.02, and the Czech PX-50 advanced 0.2 percent to 454.90. Poland's benchmark WIG20 index fell 0.1 percent to 1362.90.
Yukos said it was in talks with BP, the largest of the European oil companies, over selling a stake in its East Siberian Oil and Gas Company and with Marathon Oil, the fourth biggest US oil company, about a possible joint venture in Kazakhstan. Yukos shares have dropped by thirteen percent in three weeks, as crude prices fell by almost a tenth.
“You could argue that Yukos was oversold in the past few weeks, and we have seen a lot of Yukos changing hands recently in London,” said Bob Saharov, an institutional salesman at Nikoil Capital Markets in Moscow.
Russian President Vladimir Putin has refused to go to the 77th UN General Assembly in September