May
29
Russian Stock Market - May 29, 2008
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During Wednesday Russian stock market had opened through a drop of quotes among liquid stocks. The probable reason of decrease was a significant drop of oil price around world commodity markets (Brent dropped -3.4 USD yesterday). Although during the second half of the day Russian Stock market still followed oil price dynamics, which began its climb after morning’s fall, backing the quotes of Russian companies. Aside from this, the support of the market could have been formed by foreign grounds as well.
RTS had closed at a slight growth (+0.26%) at 2396.87 points. The growth of index occurred mostly due to stocks of: Sberbank (+0.85%), NOVATEK (+2.38%) and Rosneft (+0.6%). Some negative influence was formed by preferred stocks of Surgutneftegas (-2.06%), common stocks of Polyus Gold (-1.59%) and LUKOIL (-0.19%).
Classic market’s turnover of Wednesday was low and formed 36.6 mn USD. Top turnovers were registered after LUKOIL (14.6 mn USD), UES (8.7 mn USD) and Gazprom (3.8 mn USD).
Today the market is likely to have all the chances to grow and reinforce itself above 2400 points of RTS – these factors are: another hike of oil price, the upping of primary foreign stock markets. We do not exclude that today RTS may reach 2415 points.
Main Stock events
Mosenergosbyt was sold for starting price.
The winner’s seat of auction on sale of UES’ stake in Mosenergosbit was secured by Corporate-Trust Projects Investment Co., which offered 479 mn USD per 50.9% portfolio, reports the energy holding.
Russian Stock Market - May 29, 2008 (PDF)