Russian stocks moving upwards

RAO UES shares went up 3.8 percent, YUKOS surged by more than 3 percent and Norilsk Nickel and Surgutneftegas added more than 2 percent on the RTS exchange. The majority of blue chips advanced by 1 to 2 percent. The RTS index grew by 1.8 percent to 514.51 points at 14:00 Moscow time. Analysts say that the market remains unstable and nervous, new negative information might trigger another drop in share prices.

There are no fundamental reasons for a decrease in share prices currently, experts say. A new drop might be initiated by a new large scandal. However, there are just two weeks left before the parliamentary elections, so a new scandal in the financial sector is unlikely to emerge.