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Record Stocks High at Russia Status Upgrade

Moscow stock market "virtually exploded" at  news of Russia winning global investment status, finance house Troika Dialog saidThe market opened  low on what was meant to be a day of profit-taking, then "history was made," said a research review published in the Russian capital.

Troika analysts were tracking market developments after global bond rating agency Moody's upgraded Russia's financial integrity to prized new status citing "increasing prudence" by the authorities in handling fiscal affairs.

"The market closed at its highest point, 629, on its highest volumes ever," they said. "Cumulative reported turnover was more than $1.5 bln, suggesting a great deal of enthusiasm and probably more money to come."

Equities rallied 3.15 percent. Norilsk Nickel was best performer, gaining 8.3 percent on the day, with Gazprom and Surgutneftegaz both up 6.7 percent.

Traders described the market as "heavily overbought" but said past experience showed the Russian market tended to follow up on such big gains.

Michael Stedman, Associate Editor
PRAVDA.Ru

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