Russian Stock Exchange beats records.

On Friday British Stock Exchange reached its peak this year, Japanese Nikkei 225 stock index is at seven months high, shares on Wall Street and in Europe experienced growth by the third month in a row.

One market surpassed all others: the Russian stock prices has doubled from their January lows. But it can disappear by global sell 0ff as quickly as it grew up.

Since March Russian RTS stock index, where stock prices are converted into dollars, grew by 90 %. For comparison, shares in the U.S. gained 30 % and securities on the world's largest emerging market - China - 25 %. Performance of the Russian stock market is due to global economic and recovery and increased appetite in commodities. Oil market was one of the main reasons why investors turned back to Russia after steep decline from financial crisis.

Companies that are traded on Russian stock exchanges attracted Western and Russian investors. Because of strong link to oil and gas sectors, but also because they have become much cheaper than securities of firms doing business in other markets in the same field. It benefited the Russian ruble. From the beginning of March Ruble gained against the dollar 16 %.

Russia is all about oil. It has huge oil reserves and more than 70 percent of all shares includes companies that have anything to do with oil or natural gas.

Growth at stock prices even caused that investors have forgotten the unpredictable Russian policy. Rift with Georgia and Ukraine about gas.

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RTS Index fell between the end of 2007 and the beginning of this year's March of 76.2 percent. This was by far the highest drop out of the four largest emerging economies in the world - Brazil, China, India and Russia.

The P/E ratio fell to the level of 3,4. Long-term average since 2004 is 7. In China even after the stock markets decline, the ratio is 13. It shows how the Russian shares may seem cheap.