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Russian share values ended the week lower again, and prospects for the long-awaited end-of-year rally receded further. The index continues to suffer from the fragile sentiment depressing markets across the world. And observers see little prospect of Russia-specific news to drive Moscow to outperform Wall Street.
The Russian Trading System share index closed just under 4pc below last week's levels, at 177.72 points. But analysts continue to say that, on a fundamental basis, Russian stocks are attractive at current prices.
Brokers Renaissance Capital say current levels "provide an attractive medium-term entry point" to the market. But interest in Russia is thin. Daily traded volumes peaked at $28mn this week, but slumped below $10mn on the next trading day.
The energy sector enjoyed brief buying interest as investors sought out oil stocks in the wake of Opec's announcement that it will not raise output again this year. The news -- together with concerns over low product stocks -- pushed crude and products prices higher, allowing the oil sector to outperform the RTS by a small margin.
Tatneft ended the week as the only …