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Russian market opens 4-5% upwards
RBC, 08.09.2008, Moscow 10:40:10.The Russian stock market opened with a rapid advance in most traded securities. On MICEX and the RTS, the top gainer was Sberbank, having surged 6 percent and 7.5 percent on these stock exchanges, respectively. As of 10:45 a.m., on MICEX, Sberbank climbed 7 percent, VTB added 6.4 percent, Surgutneftegas increased 5.5 percent, and Gazprom rose 4.7 percent. The MICEX index was up 4 percent at 1,284.88 points, while the RTS index edged up 3.6 percent to 1,521.87 points. The Russian stock market's rise can be traced to positive news on the nationalization of US mortgage agencies Fannie Mae and Freddie Mac. US index futures have demonstrated a record-high increase of 2.94 percent, analysts say, adding that this is likely to prompt purchases in the banking sector today. Furthermore, experts believe that oil company securities are expected to see higher demand. The RTS index's closest resistance level is 1,500 points. Meanwhile, some analysts note that the Russian market may rebound this week, as the government has started taking steps to protect the domestic market from the skepticism of global investors. Furthermore, the improvement in the situation in TNK-BP and the introduction of tax incentives for the oil industry are also viewed as grounds for a change in the market trend.
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