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Russian stocks continue rising
RBC, 20.03.2006, Moscow 12:23:26.The Russian stock market opened upwards all across the board, continuing the trend of March 17. Stocks rose only slightly on MICEX within the first minutes of trading. On the RTS, highly liquid securities went up within 0.5 percent, with Norilsk Nickel gaining most, 1.4 percent. In the opinion of some analysts, the RTS index is set to fluctuate within the range of 1,350-1,450 points through the end of the month, and is unlikely to reach 1,500 points anytime soon. Emerging markets are reported to have experienced a net outflow of investment of over $700m over the past week, although countries like Brazil, Russia, India, and China appear to have registered a slight increase in investment. Nevertheless, investors seem cautious, and further developments will depend largely on the situation around world interest rates. If they are raised, the outflow of funds from emerging markets is likely to also affect the Russian stock market. Analysts predict the sideways trend to continue in the short term, while a downward trend is not ruled out if foreign investors opt to close long positions amid the declining oil market.
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