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Russian share values bounced back, closing tantalisingly close to the 200-point mark. But their journey was erratic, and the market looks set for more volatility in the near term.
The Russian Trading System (RTS) index closed the week almost 3.5pc higher, at 199.88 points. The market had crashed some 7pc lower on 22 September, registering its lowest close since 4 July, as tax police said they were investigating power utility UES -- the market's dominant stock (see p8). But the selling then produced opportunities for bargain hunters, pushing prices higher again.
Political and macro-economic news remains positive. Unemployment continues to fall and central bank reserves continue to rise. The bank's chairman, Viktor Gerashchenko, indicated that he saw no need for further loans from the IMF either this year or next. And observers said the government's position is strengthening, as it looks to push the draft budget through the Duma.
But jitters on US markets threaten to dampen investor appetite. Concerns over the impact high oil prices could have on consuming nations appeared to be justified by the US' decision to release oil from its strategic reserves. The Dow Jones Industrial Average …