Russian stock market opens lower - 17 November, 2003

The Russian stock market opened with a decline in the majority of shares. In the first several minutes of trade on the Moscow Interbank Currency Exchange, almost all blue chips dropped over 1 percent. Norilsk Nickel was the only exception. Its share prices have been supported by very positive corporate news.

As analysts point out, the market has been depressive in general. Many investors are not expecting Russian companies to demonstrate anything positive. The RTS index is most likely to continue sagging to 500 points. Many experts believe that after the index breaks through this level the market might start falling even faster.