The Russian stock market is advancing. However, analysts do not considerthis growth as stable, due to a downward tendency on world markets.Nevertheless some experts point to a sector that can bring profits in thefuture. They believe that the best and probably the last moment for buyingshares of telecommunication companies has come. Other experts are not sooptimistic. They say that many things will depend on whether westerninvestors will be able, or will want, to come here, the Izvestia newspaperreported. Some half a year ago investments in telecom operators'securities were bound with high risks, as the process of the restructuringof the sector started at that time. The process of converting shares ofsmall communications companies into securities of seven regional operatorswill be over in four or five months. Yevgeny Golosnoy, analyst of theTroyka Dialog investment company, thinks that, if one chooses a goodvariant, it will be possible to earn 20 or 30 percent on this conversion.However, at present there are practically no spare shares of small regionalcompanies. It is also possible to invest in securities of these seven largeoperators. According to the analyst, their shares are underestimated atpresent and in some four or five months the market should become moreactive. Currently, the daily trade volume of one such company at the RTS is$25,000 to $30,000. After the consolidation is over, the trade volume mayincrease by five to ten times. Some experts hope that large westerninvestors, who are looking for new opportunities for their investmentsapart from the oil sector, will come to the market soon..