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. Last Updated: 07/27/2016

Market Up but Investors Scarce

Russian shares closed a touch up last week despite turbulence on the Nasdaq that was partly due to speculation that a decision on the winner of the U.S. presidential election could send global markets jumping, traders said.

The RTS index closed up 0.32 percent to 178.73 on volume of $21.2 million. The Reuters Russian composite was up 0.75 percent at 1,387.90.

"That the election results have been drawn out so long has made global markets very edgy," said a trader.

"They may not make a long-term difference on our market, but there’s a likelihood it would benefit somewhat from a global jump, so some people have been putting their money on the table.

UFG salesman Michael Stein said strong industrial output data for October "confirming that September’s disappointing data was just a one-off event" and good nine-month financials at Surgutneftegaz oil had boosted sentiment.

Olma trader Alexei Bistrov said the bourse still suffered from a lack of Western investors, as most have been sidelined in Russia and other emerging markets by global turbulence.

"Over the last few days, the Nasdaq has made much sharper moves than our market. … [The lack of investors] has been especially noticeable over the past few days," Bistrov said.

Traders noted activity on national power grid Unified Energy Systems, but said they doubted it had much to do with news from the company in recent days, including six-month International Accounting Standards results.

By Friday’s close, nearly 90 million UES shares had changed hands, pushing volume up on the RTS.

"But I am not really sure that it would be right to pay too much attention to this activity," Bistrov said.

"While in the next year, the threat of restructuring comes closer, right now, it is sufficiently far away and only a question for the future."

UES ended up 1.03 percent at $0.1173 while utility Mosenergo was flat at $0.0301.

The country’s largest oil producer, LUKoil, was up 0.45 percent to $11.45, and Surgutneftegaz oil firmed 0.32 percent to $0.2505.