MOSCOW, Oct 14 (Reuters) - Russian savers should take advantage of still relatively low stock prices and put their faith and hard-earned cash into the Moscow bourse, Finance Minister Alexei Kudrin was quoted as saying on Wednesday.
"Everyone who invests now will win," he told the Argumeny i Fakty weekly newspaper, when asked whether pensioners should put their money into the stock market.
"In Russia, the stock market is not as stable as in Western countries. So we always have more risks. But, if you have at least 10 years until your pension, you can calmly go into this market," he added.
Moscow's MICEX index was up 3.5 percent at 1227 GMT -- continuing a rally that racked up six straight daily gains until a small correction on Tuesday.
The index is currently trading at around 14-month highs, having more than doubled since January but, at 1,357 points, remains below historic highs of 1,970 set in late 2007.
"There was a big fall in the market, now it is undervalued. In the next five to ten years, the stock market will grow," Kudrin said.
"Those who invested before the crisis, after which time the asset values fell, are better off waiting for new growth in the stock market, not to take their money out now," he said. (Reporting by John Bowker/Toni Vorobyova; Editing by Rupert Winchester)