Oil stocks advancing

Trade on the Russian stock market is characterized by the growth in the majority of highly liquid shares. Oil stocks are enjoying good demand on the RTS exchange. Surgutneftegas has added 1.65 percent and LUKoil is trying to increase to $20 per share. At the same time, RAO UES shares have dropped 0.95 and Norilsk Nickel has lost 1.32 percent. Megionneftegaz continues its confident advance amid the news about the merger of Slavneft assets with TNK-BP. The RTS index has reached 528.69 points. It is possible that it will set a new record by the end of the day.

Some analysts think that the Russian stock market will face a considerable growth in the fourth quarter of 2003. The RTS index may reach 600 points. The yield of the Russian stock market will be at least 67 percent this year, they say.

Macroeconomic indicators are very strong so far. The GDP advance was 6.9 percent and the industrial production added 6.8 percent in the first seven months of 2003. The Central Bank expects that its gold and currency reserves will be $67bn by the end of 2003.