May
26
Russian Stock Market Review - May 26, 2008
Filed Under Trader’s view |
Latter trading day of prior week was positive for bulls over Russian stock market. Growth however – was insignificant, as throughout the day RTS was dropping mostly. It seems that primary reason to hold the market from a deeper fall – was yet another hike of oil price. A sound confirmation of the fact was evident through decrease of other non-oil sector quotes, probably related to prior growth.
RTS growth of Friday has formed 0.09%, closing at 2435.2 points. Index was supported by quotes of: Gazprom (+1.72%), Rosneft (+1.6%) and Uralkali (+2.59%). RTS was undermined by stocks of: NLMK (-3.85%), Norilsk Nickel (-1.97%) and MMK (-5.56%).
Classic market turnover was relatively low and formed a total of 37 mn USD. Friday’s turnover leaders were: UES (6 mn USD), Sberbank (5.8 mn USD) and LUKOIL (5.8 mn USD).
Last week has formed a turn of trend. Downward movement may yet continue through this week. This week’s decrease-supporting factors are: US holiday this Monday, which may cause a slight fall earlier this week. Aside from this – the income fix could be triggered by the government meeting, regarding oil sector taxation, if expected decisions are made and nothing extraordinary occurs.
Main Stock events
NOVATEK’s shareholders’ meeting results.
NOVOTEK plans to increase the gas output of 2009 in comparison with 2008 by 20%, said Leonid Mikhelson, the chairman of the company at annual shareholders’ meeting; held on Friday in Moscow.
Other Stock news
Ø Rosneft could purchase 11.8 bn USD worth of assets.
9.44% company’s portfolio of the authorized capital is to be spent on acquisition of new assets, said Sergey Bogdanchikov – Rosneft’s president last Friday in Novosibirsk.
Russian Stock Market Review - May 26, 2008 (PDF)