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Russia's stock market registered world-leading growth in the first two months of 2006
Russia's stock market registered world-leading growth in the first two months of 2006, the country's economics minister said Thursday. German Gref told a government session that the stock market was posting dynamic growth figures. "Last year, the stock market grew 83%, and registered record growth of 30.5% in the first two months of 2006," Gref said. However, such rapid growth is a cause of concern for the economics departments, Gref said. "We are carrying out a joint analysis with the Federal Financial Markets Service into the market situation. We are very much afraid of a bubble effect on the stock market," Gref said. "So far, the capitalization to profit ratio is 7.8 times, which is quite normal. But we need to analyze the indicators of the top ten companies, which account for 80% of the market's capitalization, to be prepared for the market's dynamic development," Gref said. Gref also said that an upsurge in consumer spending in 2005, accounting for one third of GDP growth last year, was temporary. He said Russia's consumer boom was due to a considerable increase in consumer lending, which has grown by 70-80% in the past two years.
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