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. Last Updated: 07/27/2016

Russia Joins Worldwide Sell Frenzy

Russian shares slipped sharply Friday as part of an international selling wave, erasing gains made earlier in the week.

The Moscow Times dollar index lost 3.3 percent Friday as traders in Moscow sold after Federal Reserve Chairman Alan Greenspan voiced worries about recent steep gains in U.S. markets.

But volume on the electronic Russian Trading System was a relatively light $12.85 million and brokers said the market stabilized by evening.

"The volumes are too low for real fall," said Alexander Lobanov, a trader at Rinaco Plus. "The market will recover slowly next week," he predicted.

For the week, the MT dollar index finished down 2.16 percent at 133.21, while the ruble index lost 2.35 percent to 332.08. Of the 50 MT Index issues, 14 advanced, 20 declined and the others were unchanged.

Company news fueled swings over the week, with metals giant Norilsk Nickel falling to $5.17 from $5.57 Friday after Finance Minister Alexander Livshits was quoted as saying it would have to pay overdue taxes.

Top utility Unified Energy Systems, the subject of rumors about an upcoming share auction, was the most heavily traded issue over the week, although volume tapered off by Friday. It closed at $0.0828, up from $0.0820 last week but down from its midweek highs.

Surgutneftegaz shares fell 8 percent on the week, as brokers geared for a possibly negative decision expected Monday from the Federal Securities Commission about a recent share dilution.

Other oil issues, such as Yuganskneftegaz, Orenburgneft, Tomskneft, Noyabrskneftegaz, Purneftegaz continued to attract investors during the week.

Among the week's winners were Conpetroleum, up 16 percent to $1.66; Yuganskneftegaz, which rose 7 percent to $10.125; and Tomskneft, up 5 percent to $4.80.