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The Tuesday has proved to be yet another trial of strength. On one hand, the pressure upon the stock market was put up by the negative external influences. Prior to the day the stocks of Freddie Mac and Fennie Mae have dropped to 13 years lowest, after companies announced that they will require additional capital of 75 bn USD. This provoked the fall of US indices and Asia’s markets were quick to follow. On the other hand the index was meant to be supported by the technical factors, such as support of lower border of the growing trend, continuing through half a year and 200-days sliding average. Since the very morning those factors were failing, as RTS slid down to 2150 points. However, the announcement of Ben Bernanke regarding the measures to support financial stability has provided a significant support of the market throughout second half of day. The resulting morning drop has been compensated partially after all.

RTS of the day dropped -0.64% versus prior close and stopped the day at 2175.02 points. Some significant support has been provided by stocks of Sberbank (+1.94%), NLMK (+1%). The negative influence upon the index was formed out of quotes of LUKOIL (-1.06%), Norilsk Nickel (-3.46%) and Surgutneftegas (-3.21%).

Tuesday’s turnover of RTS has formed 64 mn USD. The highest volumes of yesterday were made with securities of LUKOIL (11.9 mn USD), Sberbank (10.7 mn USD) and Norilsk Nickel (5.4 mn USD).

As we have announced in yesterday’s review – the market stands upon some serious crossroads right now, RTS reached the point where two strong support levels meet together (lower border of growing canal and 200-days sliding average). The piercing of given levels by index and reinforcement below 2170 points could bring even a tougher fall of Russian stock market as whole. However, yesterday’s fall of RTS has shown the strength of market – the level was pierced, yet RTS indicator soon exceeded given value. Considering the growth of US and Asian markets, we do not exclude that today Russian stock market will add about +1%.

Main Russian Stock events

500 USD per thousand cubic meters of gas saved Gazprom’s stock from going down.
According to Gazprom’s estimate, towards the end of 2008 average European price of gas would exceed 500 USD per th cb m, reported the head of company – Alexei Miller during his meeting with RF’s premier – Vladimir Puttin, reports Interfax.

Vimpelcom made a little step outside the CIS.
Vimpelcom signed an agreement with GTEL Mobile on establishment a joint mobile company in Vietnam, where Vimpelcom will have a stake of 40% in registered capital. Vimpelcom partners are Global Telecommunications Corporation (GTEL, owned by Vietnam Defense Ministry, which holds 51% of the joint company) and GTEL TSC, a subsidiary of GTEL (9% of portfolio).

Other Russian Stock news

RusHydro’s 2007 IAS report.
Silvinit expands potassium chloride output up +3.5%.
FESCO announced features of additional emission.

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