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  Tuesday, October 22, 2019
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The Russian stock market continued to rise Monday
The Russian stock market continued to rise Monday, with the RTS index closing 2.1% up at a record high 1523.15 points. The classic RTS market's turnover stood at slightly less than $226 million. The MICEX index also increased by 2.52% against last week, to reach 1408.73. Traders said shares in Gazprom (RTS: GAZP) were the main contributor to growth on Monday, trading up 6.95%. "Gazprom's announcement of a new ADR issue caused a buying spree on the market," said Roman Blinov of RI-Management investment company. Metals giant Norilsk Nickel (RTS:GMKN) grew by 3.81%, while LUKoil (RTS: LKOH) and RAO UES (RTS: EESR) were up by 1.28% and 1.01% respectively. Investment brokerage houses have started to review their forecasts for the RTS index, putting it at 1750-2000 by yearend. "We believe it [the stock market growth] is caused by the arrival of large foreign investment funds on the Russian market," said Vadim Zuyev, an analyst with Russian Financial Traditions, adding that a slight technical correction was possible during the opening session on Tuesday while the upward trend should continue in the short term.
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