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. Last Updated: 07/27/2016

Russian Shares Unaffected by U.S. Rate Hike




Russian shares were floundering again Wednesday, ignoring a U.S. rate hike, and ended the day little changed from the previous close.


The benchmark RTS1-Interfax index, covering over-the-counter trade on the main market, finished off 0.26 percent at 115.44 on low volume of just under $7 million.


The broader Reuters Russian composite edged down a tiny 0.03 percent to 511.80.


The dollar-denominated Moscow Times Index of 50 leading shares rose 0.05 percent to 88.40 on turnover of $8.53 million.


"We're back in the summer doldrums," one Western trader said.


"But summer's drawing to a close so hopefully we'll see things liven up in another week or so," he said


Traders said the market failed to be impressed by the U.S Federal Reserve's widely expected move Tuesday to raise short-term interest rates by a quarter of a percent.


"In a more active market we might have seen the U.S. interest rate increase play some kind of role ? but as things stand there has been absolutely no effect on prices," a Russian trader said.


Leading Russian shares were a touch softer with national power utility UES off 0.25 percent at 8.08 cents and fellow utility Mosenergo down 1.47 percent at 3.33 cents.


Russia's largest oil producer LUKoil eased 0.58 percent to $8.50 and No. 2 producer Surgutneftegaz was down 0.28 percent at $17.50.