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. Last Updated: 07/27/2016

Market Volumes Low, Traders Yawn

Russia's key share index recovered from a midday slump to close higher on Monday despite uninspired trading on low volumes, and traders said investors were discarding oil major Surgutneftegaz shares.

The key RTS index was up 0.46 percent to 166.93 on miserly volumes of $12.85 million. The Reuters Russian Composite was up 2.03 percent at 1,364.18.

Traders said Russia's markets appeared to be entering their third week of limp, near volumeless trade with no clear signals coming from Western markets.

"The volume speaks for itself," said Martin Diggle, a director at Brunswick UBS Warburg.

Surgutneftegaz closed off 0.77 percent at $0.2049. Surgut preferred shares closed off 0.5 percent at $0.1000.

Renaissance Capital's David Houdek said investors sold Surgut on expectations it would lose a tender for a Siberian field. Diggle, however, said other oil companies' dividend policies had cast Surgut in a harsh light.