| Headline: An equity growth leader Source: Euromoney Date: September 2001
Until this year the RTS used to slavishly follow international markets, with the Nasdaq dominating. But over the past six months Russia has decoupled and is now being driven by a combination of domestic investor sentiment, Russian companies hoovering up shares as part of consolidation, and the modest reappearance of international portfolio investors attracted by decent returns. High international commodity prices and strong exports combined with structural reforms have boosted confidence in Russian stocks. But by June the market had run out of steam. Russian companies are still ridiculously cheap but their financial results count for less than investor sentiment. | |||||||||||||||||||||||||||||||||||||||||
