May
28
Russian Stock Market - May 28, 2008
Filed Under Uncategorized |
Yet another day began optimistic for Russian stock market, as index climbed upwards, backed by old positive news. The growth continued through half a day, after which another correction wave had hit the market. The first harbinger of the fall was announcement by MEDT head – Andrei Klepach on profitability equality of gas shipments to be achieved in 2014-2015 and not in 2011, as it was stated earlier.
RTS of the day lost -1.89% to 2390.6 points. The top damage to the indicator was caused by stocks of: LUKOIL (-2.66%), Gazprom (-2.08%) and Sberbank (-1.67%). On the opposite side index was supported by quotes of: Uralkali (+2.56%), NOVATEK (+1.2%) and Gazprom Neft (+2.14%).
Classic turnover of RTS has formed 76.7 mn USD during Tuesday. Turnover leaders of the day were: LUKOIL (20.1 mn USD), UES (17.9 mn USD) and Gazprom (10.1 mn USD).
Thanks to growth of US indices of Tuesday, today RTS may add half a percent in first day’s half, however we expect that after the opening of Euro markets, which may drop after a serious correction of oil price, and morning fall of Asia markets – Russian market may continue its technical correction down -1% to -2%. Today’s target of RTS is 2350 points.
Main Stock events
Gazprom: Equal profitability of gas supplies was put off to 2014-2015.
The equal profitability principle of gas supplies on domestic and export market was put off to 2014-2015, said Andrei Klepach — the deputy head of the Ministry of Economic Development and Trade said on Tuesday during the hearing concerning social and labor relation regulations, Interfax reported.
Other Stock news
Comstar’s dividends will not change.
Comstar’s board of directors decided to recommend the shareholders on an annual meeting to confirm the dividends rate according to 2007 results at 0.15 RUR per 1 RUR common share. The total output of dividends may form up to 62.7 mn RUR.
Russian Stock Market - May 28, 2008 (PDF)