On Wednesday, Russian equities have been heading north, with no negativity rolling in from the US. As of 12:00 noon Moscow time virtually all blue chips traded higher on yesterdays close, with the list of frontrunners headed up by Uralsvyazinform (+2%), Lukoil (+1.7%) and Surgutneftegaz (+1.5%). Rostelecom, todays underperformer, edged up only 0.3%, but lately it has been known to buck market trends. It looks as though the time is ripe for an upturn, as the market has been drifting south for a month already. It could be that we are seeing an uptrend take shape right now.
Sergey Dorogavtsev, Asset Manager, Finam Investment Company
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[Source: Russian Stock Market Blog]
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