Russian share values ticked downwards, but again finished the week barely affected by warnings from technical analysts that the market is overbought. The Russian Trading System index ended just 0.9pc lower at 237.85 points, having failed to break through the 240-point mark breached only briefly last week.
The lack of significant political or macro-economic news left the market with little impetus for another upward charge. But investors were equally reluctant to sell, with positive developments potentially just around the corner. Analysts cite several likely events in the next three months as being capable of triggering a push towards the 300-point mark.
The Duma returned from its summer recess this week, and discussion of next year's budget is high on its list of priorities. Observers have become less optimistic in recent weeks that the budget will pass unhindered, but success would further reassure investors about the relationship between the Duma and the government. Talks with the IMF and the World Bank are also seen as crucial, even though the strong oil price has left Russia less in need of further lending. Russia was to re-enter negotiations this week with the World Bank over a $1.5bn "structural adjustment loan".
The leading …