MICEX experts estimate situation on stock market

An upward tendency continued on the stock market of MICEX on September 24. The MICEX index closed at 507.72 points on Wednesday, which was a 0.63-percent gain compared to Tuesday. The majority of blue chips were on the positive side. RAO UES jumped 2.84 percent, LUKoil added 0.68 percent, YUKOS advanced by 0.37 percent and Surgutneftegas surged by 0.59 percent. At the same time, Sberbank dropped 1.43 percent and Rostelecom and Norilsk Nickel retreated 0.23 percent and 0.21 percent respectively. The total amount of deals with shares was about 12.4bn rubles ($410m), which was some 13 percent higher than the average volume registered last week, MICEX experts reported.

Among positive news that influenced the dynamics on the stock market was information that LUKoil was negotiating the listing of its shares with the New York Stock Exchange and Surgutneftegas's statement about the increase its forecast of oil production. An advance in world oil prices also supported the market. However, the remained deficit of ruble liquidity in the banking system hindered the market's further growth.

A correction that started in late trade and a slight gain in the MICEX index yesterday might testify to the beginning of profit fixing after a two-day advance, the experts said.