Russian shares edge up at opening

Tue. February 10, 2009; Posted: 04:31 AM

Moscow, Feb 10, 2009 (RosBusinessConsulting via COMTEX) -- LUKOY | Quote | Chart | News | PowerRating -- Today's trade on the Russian stock market opened with the key stock indices slightly rising. As of 10:45 a.m., the MICEX index was up 0.43 percent, breaking through the 700 mark, while the RTS index was at 571.04 points, up 0.33 percent from yesterday's close. Bank shares were among the top gainers on MICEX, with Sberbank climbing 2.8 percent and VTB jumping 3.63 percent. Meanwhile, oil and gas companies were falling, including Gazprom (down 0.79 percent), LUKoil (down 0.85 percent), and Surgutneftegas (down 0.96 percent). On the RTS, Sberbank gained 3.45 percent and Polyus Gold increased 1.48 percent. No important U.S. macroeconomic data is to be released this week, experts say, which is exactly why investors may make short-term purchases of blue chips during this period. Meanwhile, the ruble is expected to advance further on MICEX. Analysts also believe that trading will be mixed on the stock market today, adding that some investors are likely to take profit on oil and gas company shares now that oil prices have started to correct downwards. At the same time, investors will be paying close attention to the U.S. Senate vote on the economic stimulus plan.

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