RAO UES rockets on Russian stock market

The Russian stock exchange MICEX opened with a sharp upsurge of RAO UES stocks. The Russian electric giant has continued its powerful run. During the first minutes of MICEX trading the company's common shares grew 6 percent to RUR5.83 (some $0.19), while the preferred shares jumped more than 12 percent. Analysts believe the purchasing of the giant's securities is due to strong expectations of its future concessions to strategic corporate investors, namely a possible exchange of the RAO UES shares against the shares of the future power generation companies.

The Russian telecommunications giant Rostelecom has gained more than 1 percent, while other companies' stocks have remained virtually unchanged since Friday's close.

So far, the market is obviously optimistic. Many analysts believe the RTS index will soon reach 500 in spite of any correction. According to experts, if the index exceeds the 450-point level, it is likely to continue to grow further.

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