Russia's Stock Market Opens Higher After Holidays

Russia's two main stock exchanges opened on Monday with their key indexes showing strong growth after the 10-day New Year break.

The index of the ruble-denominated MICEX opened up 3.50% from the previous session, on the last day of 2009, to 1,414.55 points, while the dollar-denominated RTS grew more than 6% past the psychologically important level of 1,500 points to 1,515.29 points.

The growth on the Russian stock market was encouraged by the rapid growth of world oil prices amid a cold spell in the United States and Europe and positive dynamics on foreign trading floors.

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