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. Last Updated: 07/27/2016

Market Ends Slightly Higher

Leading Russian shares closed a bit higher Tuesday as a slight midday correction was overcome by fresh buying and general optimism, dealers said.

The dollar-denominated Moscow Times Index of 50 leading shares rose 1.66 percent to 180.30 on turnover of $45.62 million.

The RTS1-Interfax, the main over-the-counter index, ended 1.38 percent higher to 232.06 on strong volume of $44.47 million, while the broader Reuters Russian composite rose 1.19 percent to 2,244.5.

But the Reuters index of Russian American Depositary Receipts stood 2.55 percent lower at 178.53.

"Quite a positive market situation persists. Optimism prevails among both our and foreign brokers and investors," said Alexander Pankov, a dealer from Centerinvest Brokerage.

The overheated market, where the RTS1-Interfax index has gained about 34 points in the last two weeks, entered a correction in midday trading followed by active buying.

Surgutneftegaz ended with a 2.98 percent rise to $0.3625, and Pankov forecast the share could soon rose to $0.40.

Pankov said Mosenergo’s announcement that it may have to default on some obligations in a few years triggered some selling in the last minutes of trading.

But he said Mosenergo would not be affected Wednesday.

"It is unlikely the paper would go against the market," he said. Mosenergo slipped 0.2 percent to $0.0495.

"The market is likely to continue growing. Volumes are high and it is a good sign of interest," Pankov said.

UFG brokerage said in a Tuesday research note that it expected a correction in the near term. "However, the correction will neither be long-lived nor deep," it said.

LUKoil closed 0.44 percent higher at $16.02. The national power utility Unified Energy Systems edged up 0.24 percent to $0.1654.