May
13
Daily Stock review - May 13, 2009
Filed Under Trader’s view |
The week after holidays at the Russian share market began with a rather aggressive growth almost on all directions. The market has totally ignored the technical moments – local overheating and being close to strong resistance levels. Evidently it is all about the oil prices that continue climbing – in course of trades the cost of Brent mix added 1.5 USD per barrel. Besides, the continuing ruble strengthening versus the bi-currency basket might have affected the market positively. Among the participants high activity was indicated – the investors were buying it all. Note that fundamentally in long-term prospect the majority of shares look underestimated, however, in short-term period the local correction would have been favorable to the market. By the end of trades the most significant climbing was indicated on the oil-and-gas and bank sectors.
Main Stock news
Export duty for oil will be upped starting from June 1.
Duty for oil export from Russia will up starting from June 1 to 149-152 USD per ton, announced the deputy head of customs payments department of RF Ministry of Finance Alexander Sakovich, imparts Interfax. Note starting from May 1 the export duty totals 137.7 USD per ton.
Other Stock news
Ø Svyazinvest reduces CapEx.
Companies within Svyazinvest holding will reduce the capital investments by 60% in 2009 to 27 bn RUR from 70 bn RUR, announced the chief director of Svyazinvest Evgeniy Yurchenko, addressing the extended session of Minconsvyaz of RF council in Moscow on Tuesday. According to him in 1Q 2009 correction of subsidiaries’ budget was conducted in order to provide their financial stability and expenses decline. The projects with return of investments’ period not longer than 3 years are prior within investments.
Ø Vimpelkom: forecast of estimates for 4Q.
Today, May 13, Vimpelkom plans to output financial estimates of its activity for 4Q 2008 by US GAAP. We represent our vision of the companies results within the given period.
Daily Stock review - May 13, 2009 (PDF)