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Short-lived and sad were the trades of Wednesday throughout the Russian stock market. In just one and half hour RTS lost yet another -6% and approached 1000 points market. The positive closing of US stock indices at the back of unprecedented support of AIG and growth of oil price were not the reasons enough for the market to conduct the bounce-off – external factors had supported the market for some 30 minutes, afterwards another black day started for the market. Obviously – the primary reason for decrease of index is hidden somewhere within the country. The first harbingers also appeared – victims of financial crisis, failing to perform their REPO deals liabilities. Therefore the sales throughout stock markets are local: what we have seen yesterday – sale of certain stocks, under which the payments were overdue. Aside of this the background of the upcoming inter-banking mistrust brought a limitations on REPO deals, leading to the lack of liquidity. Afterwards, at noon (Moscow time) Russia’s FFMS (Federal Financial Markets Service) halted the trades until the decision on financial markets support measures could be taken. Do note – ADR trades for stocks of Russian companies were much brighter and demonstrated an average growth of 10%. Towards the end of the day, the backing of negative statistics on number of new housings built in the USA brought ADR to a slide.

To noon the value of RTS index has been reduced to 1058.84 points. Yesterday’s total drop has formed -6.39% versus prior closing. The deepest fall in quotes was experienced by stocks of Uralkali (-28.57%), MTS (-20.63%) and preferred stocks of Surgutneftegas (-32.26%).

Trade turnover was extremely light and formed 6.1 mn USD. The top sold stocks of the day were of: Norilsk Nickel (2.2 mn USD), Gazprom (807 th USD) and Sberbank (748 th USD).

The trades at Russian stock market ended at a serious crash. The reasons were all the same – fears regarding the collapse of world’s two largest financial firms. The stocks of two out of five surviving banks Goldman Sachs and Morgan Stanley dropped -14% and -24% respectively. Following the American market Asia had dropped as well -3.5-7%. Therefore external factors for Russian stock market are rather negative. However, all the required prerequisites for a quite large technical bounce-off have appeared to this day.

Main Russian Stock events

Sollers issues report of 1H 2008.
The net income of Sollers (former Severstal-Avto) in 1H 2008 under IAS, had increased +20% to 59 mn USD, reported this Wednesday company’s financial director Mikhail Sobolev.

Other Russian Stock news

Rosneft covers 22 bn USD bridgecredit.
On September 17th covered third and the last tranche (2.3 bn USD) of bridge-credit worth 22 bn USD, attracted at early 2007 to buy YUKOS assets, reports the company.

Russian Stock Market (PDF Stock Review)

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