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. Last Updated: 07/27/2016

Stocks Edge Down After 2-Day Rally

Russian shares slipped Friday ahead of a long holiday weekend, but prices were up about 10 percent on the week as investors returned to test emerging market waters, traders said.

The dollar-denominated Moscow Times Index of 50 leading shares closed down 3.99 percent to 76.24 on a healthy $16.98 million volume after hitting a nine-month closing high of 79.41 on Thursday.

The main over-the-counter RTS index fell 3.54 percent to 100.97.

Traders said Western demand tapered off by Friday due to worries about political instability and a drop in oil prices from the 17-month highs scaled earlier in the week.

"I think the drop in prices was mainly a result of the very sharp fall in oil prices, but generally there is a certain wariness about the coming week," Fleming UCB senior trader Samit Yakovlev said.

Over the week as a whole, analysts saw an increased flow of funds into emerging markets, including Russia.

"People are trying to increase their weightings in Russia," said Denis Rodionov, analyst at Brunswick Warburg.