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. Last Updated: 07/27/2016

Shares Rise On Western Investment

Stocks closed higher Wednesday, shaking off morning losses in the United States with support from Western buying, dealers said.

The dollar-denominated Moscow Times Index of 50 leadings stocks rose 4.61 percent to 127.85 on turnover of $21.24 million. The key RTS index closed up 5.31 percent at 154.68, with volumes at $18.62 million. The broader Reuters Russian Composite was up 4.02 percent to 1,291.21.

"Futures are down in New York and we’ve remained strong," said Sam Barden, a trader at Renaissance Capital. "That’s a good sign," Barden went on to add.

Michael Stein, an equities salesman at United Financial Group, said the market rose "on the back of significant Western buying out of continental Europe." He said the gains also signaled a delayed reaction to the long-awaited release of GAAP financials by LUKoil.

Oil shares were the day’s best performers, Surgutneftegaz leading the pack with an 8.49 percent surge to $0.2325. LUKoil rose 4.6 percent to $10.45 and Tatneft was up 7.56 percent to $0.3630.

"There is definitely some good buying coming out of London, more so than local markets. But that begs the question, where do we go now?" Barden said.

"I think we’re in a bit of a technical correction up before we have another leg down. There doesn’t seem to be enough interest in the market to push it."