MICEX experts evaluate situation on stock market - 7 October, 2003

After an inconsiderable correction at the beginning of business on October 6 the MICEX stock market reestablished its positions and continued its growth. As a result the MICEX index closed at a historic maximum of 540.56 points yesterday, which was a 0.89 percent gain against October 3. LUKoil added 1.5 percent, Surgutneftegas surged 1.9 percent, YUKOS grew by 1.6 percent and Norilsk Nickel jumped 3.7 percent. Meanwhile, RAO UES stepped back 0.5 percent and Sberbank dropped 1.1 percent. The trade volume amounted to about 10.5bn rubles ($340m), which was 25 percent lower than the average daily trade volume last week.

MICEX experts say that the main factor that promotes the advance seems to be the oil sector. They say that this active growth might be replaced by a consolidation in the near future.