May
23
Russian Stock Market - May 23, 2008
Filed Under Trader’s view |
Thursday’s trades were marked by a serious volatility. At the start of session we have noticed some positive movements – at the back of high oil price sector’s chips were unanimously rising. Through this RTS began its march towards new record values. And had once more staggered at 2490 points. After achieving this level index was only dropping throughout the rest of the day. However, one and half hour before market’s close – fall took on a whole new speed. Though – no serious negative influence came from the market. The news were rather positive in fact – oil beat new prices, US markets rose upwards during opening – US labor market statistics proved to be much above expectations. New miracles of acrobatics were demonstrated by stocks of Polyus Gold, which MICEX quotes dropped -28%.
RTS of the day dropped -1.41% to 2433.07 points. The fall of indicator was caused by stocks of LUKOIL (-2.27%), Gazprom (-1.5%) and Norilsk Nickel (-3.63%). The best support came from quotes of: Hydro-WGC (+1.14%), Magent (+3.26%) and MTS (+1.95%).
RTS classic market turnover versus Wednesday appeared similar and formed 65.1 mn USD. The top demand was enjoyed by stocks of: SberbanK (15.3 mn USD), LUKOIL (7.5 mn USD) and UES (5.8 mn USD).
Despite of positive influencing issues like: oil price and dynamics of foreign markets, the most of the stocks were overheated in short-term time span. This factor could bring RTS to a further drop. Even though there are no serious prerequisites for fall. We think that RTS is set to lose or gain 1% today.
Main Stock events
Gazprom will build subsurface gas storage for agrochemistry.
Gazprom develops subsurface gas storage (SGS) projects in deposits of mineral salt of Tula and Berezniki (Perm) Regions. Sergey Khan, Gazprom’s manager of subsurface gas storaging said that project investment assessment is to be finished later, towards the end of this year, reports Interfax.