Aug
26
Daily trader’s view — August 26, 2008
Filed Under Trader’s view |
Last summer week indicates a fall at Russian stock market. In spite of positive indices dynamics of foreign grounds, RTS has demonstrated negative results at commodity markets. According to Friday’s trades, oil prices decrease more than by 6 USD. This factor has the most destructive influence on stocks of oil & gas sector. During the afternoon, a market fall speeded up, after announced data, concerning Morgan Stanley decision to decreased forecast of S&P 500 (by 7.1%), to 1300 points. It was caused by expectations, concerning further assets write-off by the banks. After the news was announced, Sberbank’s stocks became leaders of negative influence on RTS code. Only Norilsk Nickel’s shares have a sound effect on RTS and demonstrated a growth, due to buyback of 4.17% from registered capital (49 bn RUR).
According to day results, RTS decreased lower the support level and formed 1647.67 points (-3.17% fall). The most negative effect have the shares of Sberbank (-5.04%), LUKOIL (‑4.34%) and Rosneft (-4.53%). Norilsk Nickel’s shares have a positive influence on code (+2.74%).
Classic market’s turnover of RTS has formed 22.2 mn USD. The stocks of Gazprom (6.2 mn USD), Sberbank (4.9 mn USD) and Norilsk Nickel (2.5 mn USD) have reached the highest turnovers.
Yesterday’s trade session indicates that USA indices have lost about 2%, a record fall over the month. It was caused by Columbian Bank’s negative financial report. Moreover, Credit Suisse reported about possible losses of American International Group, one of the largest insurance companies. A negative forecast, made by Morgan Stanley, for S&P has led to negative dynamics. As a result, a fall of financial sector shares was very strong. Following USA markets, Asian grounds have their losses either. We expect that a dynamics at Russia stock market will be similar to foreign grounds. First of all, a fall can affect the banking sector. We do not exclude that RTS code could decrease by 2%. However, the fall can be slow downed, due to statistics of real-estate sales in USA.
Main Stock events
EES Vostoka plans to sell its sales assets under the price similar to UES’ prices.
EES Vostoka suggests board of directors to confirm the sale of sales assets, the shares of which the company has in its balance, Marina Shirina, company’s representative said to Interfax.
Other Russian Stock news
Export tax to decrease.
On October 1st, 2008, oil export tax will be decreased by 11 USD and form about 482.9-487.3 USD per ton, announced Alexander Sakovich, deputy chairman of the finance ministry’s customs department to Interfax-AFI.