Stocks edge up on YUKOS news

The Russian stock market opened with a slight rise in prices on the appointment of Semeyon Kukes to the post of YUKOS CEO, analysts reported in an interview with RBC. They believe the market will react positively to this appointment and stressed that Kukes was well-known as a professional who took part in the merger between Tyumen Oil Company and British Petroleum. At the same time, experts state this appointment will not result in significant fluctuations on the domestic stock market. They explained that the main factor was the resignation of YUKOS head Mikhail Khodorkovsky while the appointment of Kukes was an expected event.

Other stock analysts do not rule out a slight downward correction on the market due to some technical factors. They recommend abstaining from transactions on the domestic market until the situation around YUKOS clears up.