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The beginning of trading session this Monday was rather unlucky for Russian stock market. Slammed by events in South Ossetia and strong criticism of Russia’s peacekeepers by western media – have seriously expanded political and military risks of country. Russia’s very own investment appeal suffered badly, due to background of Georgia-South Ossetia conflict. Western investors hurry to get their funds off Russia’s assets. The resulting RTS lost -4.5% in just 30 minutes after the trades began, sliding below 1650 points. However, then the news on cease-fire agreement signed by Georgia came up, making a range of stocks rise throughout the market. Among various sectors we would like to point out the stocks of Uralkali, adding +5.1%, whilst backed by news on positive RAS report: net income rose 2.2 times versus last year. Aside of that – Sberbank’s quotes have also added weight, although no important news regarding Sberbank appeared yesterday, hence – we could say that bank’s stocks are compensating for almost a -8% last week’s fall. More to that – throughout the day the stocks of WTI oil brand rose up, backed by fears regarding troubles with delivery of oil off Caspian region, positive reflecting upon the quotes of oil & gas companies. The mentioned issues have all proved to bring a positive support for RTS, as index finally entered the positive zone yesterday.

RTS added +1.18% yesterday, totaling 1742.96 points. Index has been supported by stocks of Gazprom (+5.64%), Sberbank (+5.22%) and LUKOIL (+3.15%). Some negative pushing over RTS has been made by stocks of NOVATEK (-4.26%) and Norilsk Nickel (-4%).

RTS classic turnover has formed 55.0 mn USD. Market’s turnover leaders of Tuesday: Gazprom (18.5 mn USD), Sberbank (10.6 mn USD) and Rosneft (9.7 mn USD).

Situation over the market remains quite instable. On one hand – we have positive backing by sound dynamics of European grounds, on par with growth of US indices futures quotes due to forecasts of commodities companies’ expanded incomes. However – the tense situation in Caucasus region and possible prolongation of confrontation is likely to become the primary factor to determine investment appeal of Russian market for investors. Thus – we see the negative vector of RTS movement as most likely to happen.

Main Russian Stocks events

Uralsvyazinform’s 1H 2008 results.
Uralsvyazinform’s revenue under RAS 1H 2008 report increased by 5.2%, to 20 bn RUR. Company’s net income decreased by 27.5% and reached 1.6 bn RUR.

Other Russian Stocks news

MTS’ US GAAP report.
Today, MTS plans to publish its financial results under US GAAP report. We expect that quarter revenue growth will form 8%, coupled by a slight fall of OIBDA margin.

Russian Stocks (PDF)

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