Sep
20
Russian Stocks - Market today. Today market had expanded quite nicely, following the world markets, MICEX and RTS have added +29% and +22% respectively. If for past couple of days emergency closings of long positions tanked the market, then today the similar situation engulfed “short”-specialized players. Among the leaders were stocks of VTB, as they +60%.
Market tomorrow. The message on downgrade of Russia’s sovereign credit rating by S&P and proved no influence upon the quotes. The growth of market was mostly technical and after a several days of a never ending fall it was just compensating backwards, hence we can expect a high volatility of quotes.
Russian Bonds
Market yesterday. Market players continue to conduct REPO deals, but there is REPO market as it was earlier and more or less sound deals were made by players, who prepare the deals in advance. The range of quotes was very broad: from 10% to 25% per annum. There where not spot market as well, but a sort of demand of some securities was demonstrated. However, the prices formed about 60% and it was concern the players with the current short positions.
Market tomorrow. Government’s decree to support market was concern first of all the shares and partially aimed at bonds through REPO with VTB and Sberbank and highly limited. Gazprombank did put bonds, as it was reported earlier, because the major part of its assets spent on KIT Finance.
No comment Stock
MSCI Emerging Markets achieved record results since year 1987 – 9.7% (Interfax)
S&P changed Russia’s rating from positive to stable forecast (Interfax).
GDP growth over year 2008 formed 7.8-8% (Kudrin)
Department of the Treasury of USA will appropriate 50 bn USD to support money market fund (Interfax).
LUKOIL plans to increase oil extraction rate by 1-1.5% over year 2009 (Alekperov).
Raspadskaya could increase interim dividends 5 times (Interfax)
Daily Stock Trading results - September 19, 2008 (PDF Stock Report)