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. Last Updated: 07/27/2016

Shares Fall as Nasdaq Woes Continue

Shares ended down Wednesday but recouped some losses after sliding to new lows for the year on selling, which traders attributed to losses on the high-tech U.S. Nasdaq index.

Traders said the market, which has failed to react to strong domestic fundamentals, was not likely to rally in the near future.

The Moscow Times Index of 50 leading shares closed off 4.8 percent at 127.63, its lowest close since December 30, on volume of $29.79 million.

"Optimism in the market takes a beating with each day. ... I'm afraid we can't count on seeing the summer rally [that had been predicted]," said Andrei Kukk, head of trading at NIKoil.

Traders said the bourse had reacted to Tuesday's plunge on the Nasdaq.

Turbulence on Western markets has recently hammered the local exchange, slashing prices from 18-month highs hit in March.

"There were sales from several large funds and there are still a few [sell] orders remaining from them," Kukk said. "The big question is whether or not these orders will be canceled and will there be others."

Brokerage Troika Dialog said in a Wednesday report the market was moving to a new level. "The next level of obvious support will only be reached at 140 [on the RTS]," it said.