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. Last Updated: 07/27/2016

Market Gains 2% As Demand Rises

Russian shares closed slightly higher Tuesday and traders said prices were likely to continue a gradual climb on foreign demand, although the market had lost steam after last week's upsurge.

The dollar-denominated Moscow Times Index rose 2.27 percent to 87.86 on turnover of $11.1 million.

The RTS1-Interfax benchmark index closed 2.17 percent stronger at 115.32 on moderate volume of $9.6 million. The index, pushed higher by rising oil prices, gained about six points last week.

The broader Russian Composite Index rose 2.45 percent to 574.39.

Andrei Galperin, chief trader at Prospekt, said foreign and local buying would support the market in the next few days.

"I don't expect a rally, but the market will rise. There is demand, mainly Western, but domestic as well. It is most likely that the market will gain another 2 percent," he said.

Galperin also said the market welcomed the government's decision to offer the debt owed to the London Club of private creditors a Eurobond status - the highest status Russia could allocate.