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Russian indices lose footing on profit taking
RBC, 08.05.2008, Moscow 11:34:21.The Russian stock market was hit by profit taking at the opening today after a day of solid growth on Wednesday. On May 7, the rise in most highly liquid securities pushed the RTS index 2.2 percent higher to break beyond a resistance level of 2,200 points, while the MICEX index climbed 2.6 percent to 1,739.26 points. Most stocks opened lower today, with Gazprom giving back 0.5 percent of yesterday's impressive 4 percent gain, VTB dropping 2 percent, and Sberbank retreating 1 percent. The RTS index slid below 2,200 points within the first few minutes of trade. Experts attribute the correction to profit taking after an upbeat trading day and ahead of a long Victory Day weekend in Russia. The advance is likely to continue next week, driven by rising oil prices, although news from western exchanges could balance it out.
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