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. Last Updated: 07/27/2016

Global Jitters Grip Russian Market




Russian shares lost ground Thursday as nervousness on stock markets across the globe and a poor appetite for emerging markets among investors continued to drag the market down, traders said.


"The market was pretty weak following other global markets and due to the lack of interest in all emerging markets from institutional investors," said Martin Diggle, director at Brunswick.


The Moscow Times Index closed at 228.06, down 1.22 percent, but up 0.14 percent for the week.


The Russian Trading System benchmark RTS index eased to 304.74 from 310.61 at Wednesday's close. The turnover was a lowly $60.72 million.


Rumors of problems over a proposed merger between oil companies Yukos and Sibneft were a further destabilizing factor, traders added.


Officials at Yuksi, the name chosen for the merged oil giant which has yet to be formally created, have maintained that the alliance would go ahead.


Stephen O'Sullivan of United Financial Group said in a research note issued Thursday that "sources tell us that there are serious problems."