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Russian stocks open on positive note
RBC, 16.05.2008, Moscow 12:19:08.Today's session on the Russian stock market opened with a rise in most traded securities. On the RTS, Gazprom went up 1 percent and Surgutneftegas gained 1.5 percent, while the first deal in Gazprom Neft shares was struck 9 percent above yesterday's close. On MICEX, the majority of stocks climbed 1 percent on average within the first few minutes of trade. Meanwhile, Gazprom Neft plunged 3.5 percent just a few minutes into the session. The current positive news background, rising US indices, and high oil prices are driving the Russian market up, experts told RBC TV today. The drop in Gazprom Neft is short-term and can be attributed to the company's recent release of negative financial results and the fact that the record date has passed. However, the oil sector may rise considerably, particularly those companies that will enjoy tax incentives, analysts note. Meanwhile, experts warn that profit taking can take place in the afternoon, due to declining US futures, concern over US housing construction data to be released at 4:30 p.m., and the upcoming weekend. The RTS index's support levels are 2,400 and 2,360 points, while its resistance levels are 2,430 and 2,480 points, analysts note.
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