Jul
21
Stock Market Report - July 21, 2008
Filed Under Trader’s view |
After a two day’s growth, Friday’s Russian market went down on deep. The fall began since the very start of the trading session and continued throughout the day, until session’s end. Amongst more or less serious negative to influence the market, we must point out yet another decrease of oil price. Brent oil quotes have dropped below 130 USD per bbl. Do note that the decrease hit almost all front of liquid stocks, with only a single exclusion. Out of all range of stocks, only the banking sector seemed rather decent.
RTS of the day lost -3.96% and closed at 2135.38 points. The utmost negative influence upon the indicator was sprayed by stocks of: LUKOIL (-6.25%), Gazprom (-5.83%) and Rosneft (-7.76%). Whilst quotes of VTB added (+0.54%), Hydro-WGC (+0.78%) and preferred shares of Transneft (+1.28%).
The summary turnover of RTS classic market has formed 63 mn USD. Whereas the top volumes have been achieved by stocks of Sberbank (20 mn USD), LUKOIL (15.8 mn USD) and Gazprom (7.2 mn USD).
Current situation over the Russian stock market is not very stable. Judging from the technical analysis – this week market has all the chances to continue the fall – as two most important levels have been breached – the lower border of long-term canal and 200-days sliding average. Thus – if market does not compensate the fall today, above the given marks, then falling trend is sure to continue. Otherwise, today’s reachable level is 2240 points of RTS.
Main Stock events
MMK’s dividends decreased according to 1H 2008 results.
During the meeting held on Friday, the management of Magnitogorsk Iron & Steel Works (MMK), made recommended the shareholders to confirm dividends payoffs on meeting, which will be held on August 29th. According to 1H 2008 results, the recommended payoffs formed 0.383 RUR per share, announced company’s representative to the journalists. Shareholders’ register will be closed on June 21st.
Other Stock news
Aeroflot: 1H 2008 results.
According to 1H 2008 results, Aeroflot Russian Airlines’ passengers transfer increased by +16.2%, to 4,385 th ppl, in comparison with previous year results, says press office of the company.