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This Monday, just as we have expected – Russian stock market continued its movement downwards. The top fall leaders were manned by stocks of electric companies, WGC-2 and WGC-5 in particular, which have demonstrated a dramatic growth last week. Despite of positive dynamics of oil price, LUKOIL’s stocks continue to fall for fourth day in a row. The negative external background and pessimistic moods regarding world economy growth rates have proved to be stronger than influence of commodities. Besides of that – market expects increase of base rate this Wednesday. US Fed decision is likely to be the most important influence upon market’s behavior.

RTS of the day decreased -1.78% and closed at 2342.39 points. Index was hit hardest by the quotes of LUKOIL (-2.79%), Rosneft (-3.97%) and Sberbank (-1.76%). Whereas the stocks of Silvinit (+7.5%) and Open Investments (+4.11%) have supported the failig market.

The turnover of the market has formed 44.4 mn USD, with stocks of Sberbank (10.8 mn USD), Norilsk Nickel (8.1 mn USD) and LUKOIL (7.8 mn USD) topping the list of highest turnovers.

We do not exclude that today market could encounter a calm line. The US Fed meeting is coming soon; hence the investors could prefer not to make active actions at the market. Thus we do not exclude for today’s RTS to move plus/minus 0.5%.

Main Russian Stock events

Polymetal accomplished feasibility study of Albazino gold ore deposit, investments are set to form 219 mn USD.

Polymetal – RF’s largest producer of silver – has accomplished the feasiblitiy study of Albazino gold ore deposit project in Khabarovsk Krai. According to company’s message – the total volume of CapEx during 2008-2010 will form 219 mn USD, whereas the average value of total costs will form 370 USD per oz.

Other Russian Shares news

Aeroflot: shareholders divide the income.
At the annual meeting, Aeroflot Russian Airlines’ shareholders elected the board of directors, confirmed annual report and dividends distribution according to results of 2007, at the rate of 1.367 RUR per share, which is 6% higher than 2006

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