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Russian stocks trading in positive territory
RBC, 02.07.2008, Moscow 16:46:06.The Russian stock market settled in positive territory in afternoon trade. Just before 3 p.m., the MICEX index was up 1.14 percent at 1,712.58 points and the RTS index was up 0.69 percent at 2,258.26 points. The trade volume was approaching RUB 29bn (approx. USD 1.24bn) on MICEX and topped USD 26m on the RTS. Russian stocks, however, may start falling again soon, experts told RBC TV today. The Russian market is seeing a rebound following its plunge on Tuesday, analysts say. However, trading activity is expected to be low in the summer, due to a lack of liquidity and negative external factors. The banking sector has outperformed the market today, but investments in Sberbank and VTB have to be approached with caution, as the banks hit their record low yesterday and may yet drop further. On the whole, the Russian market is likely to move sideways in the summer, according to experts. If the bad news from the global financial sector continues, the RTS index could plummet to 2,150 points, after which it is likely to consolidate around that level and rise again, analysts note.
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