Stock markets remained stagnant over the past week, held back by the continuing war in Chechnya and investor uncertainty over economic policy.


The Moscow Times dollar-adjusted index lost three points since last Friday closing at 81.96, while the ruble index lost 2.68 points to close at 149.46.


Decliners led Advancers 15 to seven, with eight stocks unchanged in the ruble-based prices of the 30 firms in the index.


The oil sector showed more movement than other: LUKoil Holding shares rose 3,950 rubles to 108,550 rubles, while Komineft plunged to 16,100 rubles from 21,700 rubles last Friday.


But Andrei Ippolitov, head of the investment department at the brokerage firm Olma, said the growth of the ruble price of LUKoil stock was an indication of stability rather than of gain, since in dollar terms the shares declined slowly.


The prices of Komineft shares were driven down by news of a fresh oil spill from the company's pipeline and rumors surrounding a share issue during the summer. Yuganskneftegaz suffered further losses since last Friday's 53,600 rubles per share, closing at 48,030.


Aluminum stocks gained slightly toward the end of the week, emboldened by the firing of the maverick head of the State Property Committee Vladimir Polevanov, who had threatened to renationalize the industry. Bratsk Aluminum closed at 90,450, slightly down from 90,750 rubles last week, while Krasnoyarsk Aluminum dropped by 2,600 rubles to close at 72,350.


Banks grew moderately with Neftekhimbank closing at 2,900 rubles compared to 2,850, while Sberbank gained 92,400, up from last Friday's 90,800 rubles, and Inkombank remained unchanged at 307,000 rubles.


Other shares showed few signs of recovery or further decline as trading remained in the doldrums while markets were preoccupied with the crisis in Chechnya and general political instability, said Alexei Dolgikh, head of trade operations with the brokerage firm Troika-Dialog. Dolgikh said, however, that he expected trade to pick up soon since the prices have nearly hit bottom.


Ippolitov of Olma said that despite the removal of Polevanov from the State Property Committee, the market would need more encouraging signals from the government to reassure investors. One such signal is expected to come from next week's session of the Securities Commission, headed by First Deputy Prime Minister Anatoly Chubais.