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. Last Updated: 07/27/2016

MT Index Stays About Even During Quiet Holiday Trade

Russian shares closed little changed in very quiet trade Monday as many Western markets were shut due to the long Easter holiday weekend and traders kept a wary eye on the situation in Yugoslavia.

The dollar-denominated Moscow Times Index of 50 leading shares slid 0.59 percent to 59.26 on volume of $1.42 million. The RTS index was 0.08 percent lower to 79.24.

"Western Europe remains on the Easter holidays and New York hasn't really come in here yet," Nancy Herring, director of research at Regent European Securities, said.

"There are no strong compelling reasons to do one thing or another, and wait-and-see seems like the right policy just now with everything that's going on in Yugoslavia."

"There is still a lot of general uncertainty," Dmitry Kryukov, senior trader at MFK Renaissance, said earlier.

"On the one hand, the military action in the Balkans is sending the market a very strong negative signal. On the other hand, Western investors sound optimistic about emerging markets as a whole," he added.

Herring said last week's visit to Moscow by IMF Managing Director Michel Camdessus sparked some optimism about Russia receiving new credits. An IMF mission is due to resume work on a deal this week.