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RTS index to rise further, experts say
RBC, 12.05.2008, Moscow 11:05:21.After a slight decline at the opening of the previous session, resulting from foreign trading floors' negative dynamics, the Russian stock market demonstrated the greatest rise in several months. The RTS index closed 3.75 percent higher at 2,283.99 points, driven by the newly appointed Prime Minister Vladimir Putin's announcement about his intention to reduce the tax burden in the oil industry and create a favorable tax treatment on the Russian stock market. Such a sharp rise in the RTS index increases the likelihood of its correction in the near term, experts say. The market is projected to take a brief break this week, as investors may decide to take profit. However, the downward correction is expected to be moderate, and the RTS index still has every chance of topping 2,300 points, analysts note.
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