MOSCOW, Jan 28 (Reuters) - Russian shares inched up on Friday, boosted by

firm oil prices and the buoyant mood on global markets, while the rouble eased

back, losing support from export-oriented companies on the last day of tax

payment period.

At 0838 GMT the rouble-denominated MICEX share index was up 0.2

percent at 1,547.5 points, while the dollar-denominated RTS index was

flat at 1,619 points.

Upbeat German business morale data on Friday, signalling the Europe's

largest economy was gathering speed, cheered investors, pushing oil prices above

$113 per barrel and boosting demand for riskier assets

'The market is looking out for, but cannot yet find reasons for, a

correction. Investors have convinced themselves that the hardest phase of the

crisis is over,' said Alexei Sourov, a trader at Zenit bank.

MICEX financial index outperformed, with VTB shares rising by 0.3 percent.

VTB plans an additional share issue of at least 10 percent of its shares this

spring for a minimum $2 billion to support its business.

The rouble weakened by 0.3 percent to 30.12 versus the dollar . It was broadly steady at 40.47 against the euro.

'Exporters' activity can start to fade away and hence there will be less

support for the ruble. Basket can stay near 34.65 - lower edge of CBR do-nothing

zone,' Dmitry Savchenko, an economist at Nordea bank said in a note.

Exporters need to convert their foreign currency revenues into roubles to

pay monthly taxes, increasing demand for the Russian currency. Monday is the

last day to pay income tax.

The Russian currency was also held back from strengthening by expectations

of increased interventions of the central bank once the euro-dollar basket

slides below 34.65 roubles.

Russian Markets Latest Net % % Change

Change Change on year

STOCKS

MICEX 1547.49 3.47 0.22 10.36

RTS 1618.97 0.13 0.01 17.16

London ADRs 934.53 -2.26 -0.24 5.78

Emrg Mkt Indx 1064.36 -4.76 -0.45 0.87

MSCI Russia 857.56 -0.02 -0.00 6.20

Sberbank 104.83 1.16 1.12 12.79

VTB 0.06 0.00 0.10 10.47

Gazprom 146.81 0.41 0.28 2.16

LUKOIL 2016.70 -2.10 -0.10 0.82

Rostelecom 123.43 0.04 0.03 2.52

Dollar/Rouble 30.12 0.08 0.28 -0.96

Euro/Rouble 40.47 0.02 0.04 0.51

Rouble basket 34.77 0.05 0.16 -0.19

DEBT Bid Ask %Rtn Coupon

Russia 10-yr bond 6.52 6.49 0.69 7.60

MONEY MARKET Bid Ask Close

Overnight rate 6.15 6.66 5.62

All data taken from Reuters at 0838 GMT

(Reporting by Maya Dyakina; Editing by Lidia Kelly/Jeremy Gaunt)

Keywords: RUSSIA MARKETS/

(maya.dyakina@thomsonreuters.com)(+7-495-775-12-42)

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