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. Last Updated: 07/27/2016

MT Index Rises Despite Uncertainty

The Moscow Times Index of 50 leading shares closed at 231.74, recovering from last week to end up1.59 percent despite the ongoing political uncertainty which extended into another week.

The market dropped 2.03 percent Friday after the State Duma rejected the nomination of Sergei Kiriyenko as prime minister for the second time, making traders nervous.

Mikhail Koltsov, a trader at MFK Renaissance, said the market was unstable. "There are people who are selling and people who are buying," he said, reflecting on the current state of impasse.

Koltsov said market participants who had hoped that Kiriyenko would be appointed as the prime minister "even in the [Friday] morning" were disappointed at having to face another week of uncertainty.

"The market will stay in coma for another week," he said.

Samit Yakovlev, head of equity at United City Bank, agreed. He said the market would see another disappointing week, but added that "nothing dramatic was likely to happen ... I do not think it will crash."

He, however, said the stock market could fluctuate within a 3 percent range.

Unified Energy Systems closed at $0.3097, down 2.2 percent Friday, but ended 2.4 percent higher for the week.

LUKoil also lost 1.9 percent Friday but closed at $16.85, up 0.3 percent at the end of the week.

The treasury-bill market, which was stable throughout the week, also dropped 1 percent Friday, said Alexander Romashov, a dealer at ING Bank.