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. Last Updated: 07/27/2016

Weak Dow Spoils RTS Gains

Shares closed almost flat Wednesday after a weak opening in the United States sliced into earlier gains of up to 2 percent.

The benchmark RTS closed up 0.65 percent at 352.56 points, its second day above the key 350 mark. Trade volume on the dollar-traded exchange was $14.91 million.

The Reuters index of the ruble traded MICEX was off 0.05 percent at 1,381.63 on turnover of 3.93 billion rubles ($120 million) by 1411 GMT, and the Reuters-MICEX index of liquid shares on multiple exchanges rose 0.11 percent to 879.90.

Traders said local buyers were still pushing the market up, chasing Western markets which have risen faster than Russia over the past several days.

"In the blue chips we are not seeing big flows. This probably means there is delayed demand which we will see by the November holidays," said Konstantin Shapsharov of Alfa Bank. "It will be tough to rise without the United States, but we can already see a turnaround."

Benchmark Unified Energy Systems closed up 0.11 percent on the RTS at $0.0930, but by 1420 was slightly off on MICEX at 2.925 rubles ($0.092).

Shapsharov said there was a large buyer on MICEX: "Someone big has set himself the task of taking big volumes."

Oil blue chips were mixed, with top producer LUKoil off 0.43 percent at $16.20. Troika Dialog said in its daily report it had seen heavy foreign supply in LUKoil, which would overwhelm local buyers.

Surgut rose 2.71 percent to $0.3595 and Yukos clung to its 0.85 percent rise to close at $9.44.