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. Last Updated: 07/27/2016

Share Prices Expected to Keep Rising




Russian shares ended firmer Monday, extending their gains into a third week, and traders said the rise in prices could last into next month.


The dollar-denominated Moscow Times Index of 50 leading shares rose 2.16 percent to 92.50 on turnover of $11.56 million.


The benchmark RTS1-1 Interfax shares index of the main over-the-counter trade ended 2.25 percent firmer at 120.92 on reduced turnover of about $10 million. The broader Reuters Russian composite closed 3.16 percent firmer at 611.95.


"We fully expect the market to continue moving up through December," brokerage Troika Dialog said in a report.


"Stocks such as Tatneft, Sberbank, Aeroflot and GAZ will perform exceptionally well," the brokerage predicted.


Traders said optimistic forecasts were based on expectations of continued strong global oil prices.


"Sentiment among many institutional and hedge fund investors appears neutral to upbeat given the firming oil price," one Western trader said.