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Russia experts see stock market correction, but no growth yet

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The outlook for the Russian stock market is positive, but it is too soon to talk about any resumption in growth as the market has yet to hit rock bottom, experts said Tuesday.
MOSCOW, March 6 (RIA Novosti) - The outlook for the Russian stock market is positive, but it is too soon to talk about any resumption in growth as the market has yet to hit rock bottom, experts said Tuesday.

The ruble-denominated MICEX index opened Tuesday 1.4% up to 1560.48 points, while Russia's benchmark dollar-denominated RTS index rose 0.81% to 1751.80 points.

Russian stock markets plunged Monday with a sharp opening drop over fears that a global recession could strike the country's raw-materials based economy.

The MICEX index plunged 6.7 percent, later rallying to end the day down 3.3 percent. RTS fell 5.5 percent, later losing 3.7 percent on the day.

Almost all blue chips opened higher Tuesday: Gazprom shares gained 1.78% (RTS) and 1.6% (MICEX), LUKoil 1.71% and 1.25%, respectively, and Sberbank 0.57% and 0.65%, respectively.

Dmitry Royenko, head of investment with Olma investment group, said the slight rise could continue in the first hours of trading.

"But it is premature to talk about the resumption of growth: World stock markets are still in a state of uncertainty," he said.

Alexander Potavin, of Antanta-Kapital, said he expects stocks to gain during the day as players close short positions.

Mikhail Pak, an analyst with the Kapital investment group, said the RTS index could bounce back after Monday's plunge, but the market will be affected by falling oil and nonferrous metal prices.

"We are expecting high volatility today," he said.

Vitaly Lakeyev, of Region Group, does not rule out that negative price dynamics on the stock market will remain for the next few days.

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