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A New Year boom at the Russian stock market
Russian stock market showed a sudden rise on the first week of the New Year, with some of the stocks reaching their historic maximum rates, while RTS Index exceeded the level obtained before arrest of Russian businessman Mikhail Khodorkosky on Oct. 25. Russian securities’ quotations rise started on the last days of 2003. And at the first short working week of 2004, the RTS Index increased by 5,3 percent, reaching 597,3 points, the level it was in October of last year – shortly before the arrest of Khodorkovsky which prompted a market collapse. However, after the New Year festivities, it seems investors and brokers have cast away their cautiousness, a phenomenon that has led to the stock market becoming more active each day, with trade turnover in RTS on Jan. 9 standing at about $67 million, while the Moscow Interbank Currency Exchange posted a turnover of $390 million. Sberbank securities are leading among the “blue chips”, rising up to $300 per share, a gain of 15 percent in value, followed by United Energy Systems, whose shares also rose by 8 percent. Meanwhile, experts have attributed the high level of activities on the local stocks exchange to investors’ excessive resources, as well as the favorable situation with oil prices, which have continued to rise.
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