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Russian stocks settle in positive territory
RBC, 27.03.2008, Moscow 19:03:22.The Russian stock market closed with most blue chips rising more than one percent. The MICEX index increased 1.56 percent to 1,618.61 points, while the RTS index went up 1.75 percent to 2,030.13 points. Among the RTS's top gainers were Rosneft (up 4.76 percent), LUKoil (up 3.54 percent), and Surgutneftegas (up 3.56 percent). On MICEX, Rosneft surged 4 percent, LUKoil climbed 3.57 percent, and Gazprom Neft added 2.09 percent. Oil company shares are now the most attractive for investors, experts say. Although the market saw no defined trend over the last several days, trading activity has risen on the back of news that the government intends to allocate an additional $16bn to the oil and gas industry. The news has also been positive for oil processing companies and oil exporters, analysts note. On the whole, the Russian market is likely to retain an upward trend provided that investors realize that the US economic crisis is not so deep and that global oil prices are very high, experts say.
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