Russian stocks rebound further

Mon. February 09, 2009; Posted: 09:51 AM

Moscow, Feb 09, 2009 (RosBusinessConsulting via COMTEX) -- LUKOY | Quote | Chart | News | PowerRating -- Around 5:10 p.m., the MICEX index was up 5.13 percent at 689.77 points and the RTS index was up 8.25 percent at 563.97 points. Among the market's leaders were bank, mining, and oil company shares. On MICEX, Sberbank climbed 7.25 percent, LUKoil gained 4.56 percent, and Rosneft jumped 5.05 percent. Among the RTS's best performers were Sberbank (up 10.71 percent), Gazprom (up 9.21 percent), and Norilsk Nickel (up 13.44 percent). Given the current market situation, investments should be made with caution, experts told RBC TV, adding that the current rise in the Russian stock market stemmed from speculative causes. For instance, the metals sector is unlikely to increase considerably, as the higher demand from China can hardly be attributed to fundamental factors. Further developments on stock markets will depend on the adoption of U.S. President Barack Obama's stimulus plan. If the package is rejected or greatly slashed, analysts note, the stock market may fall considerably.

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