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Russian stock market of Tuesday was suppressed by the external negative news. RTS could not stay above 2200 points level, which becomes a sort of an indicator of its own, as index drifts over it for past 9 sessions in a row. The flow of negative statistics off Eurozone and USA brought down the latter upping of index. Stocks of leading US companies drop to their new lowest. All of this background ignited a sales wave, headed by the oil industry and banking sector. Even so, we must point out the strength of the technical factor: the indicator is still moving along the lower border of the growing canal.

RTS lost -1.53% yesterday and closed at 2174.22 points. Stocks of Sberbank (-3.73%), Gazprom (-2.07%) and Norilsk Nickel (-3.34%) have suffered the most. The backing of strong financials of 2008 expected boosted quotes of Polymetal (+1.25%), whereas quotes of Silvinit (+5%) have also expanded.

RTS classic market’s turnover of Tuesday has formed 49.5 mn USD. The primary turnovers were formed out of stocks of LUKOIL (14.8 mn USD), Gazprom (13.3 mn USD) and Norilsk Nickel (5.9 mn USD).

The head of US Fed – Ben Bernanke announced his half year economy report, noting risks of weakening of US economy growth and acceleration of inflation, hitting foreign markets. Nevertheless, correction was light: DJ Industrial dropped -0.84%. Whilst Asia’s index have moved the other way and demonstrated growth since the very morning. Coupled with a technical factor (2173 points support level) we could point out the supportive backing for Russian market today. We think that the opening ng of today’s trades should be sound at the start. Today’s growth is expected to form 0.5-1%.

Main Russian Stock events

Gazprom corrected investment program.
Gazprom’s management confirmed the renewed investment program and budget of 2008, says company’s statement.

NMLK’s operating results for 2Q 2008.

According to 2Q 2008 results, Novolipetsk Iron and Steel Works (NLMK) increased sales value of hot-rolled steel by 14% in comparison versus last year, to 511 th t, says company’s statement. The sales value of cold-rolled steel increased by 15.7% and reached 418 th t. The company sold 1.063 mn t of slabs (29.7% growth) and 153 th t of cast-iron (33.7% growth).

Russian Stocks (PDF)

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