Current price levels are quite high for purchases, and Russia's market is waiting for a pretext to adjust
Oct 15th, 2009 | By admin | Category: News and Comments Russia
Trading on Russia's stock market on Wednesday, 14 October began with a confident raise indices. Contributed to this positive external background, generated an increase of U.S. futures and oil prices. In addition, the market has benefited correction of the previous day, to cool overheated Russia's actions. Released in mid-day reporting of JP Morgan and statistics on retail sales in the U.S. were better than expected, but were used by players to lock in profits. Opening of the American sites were played quietly. Following the session, the MICEX index rose by 3,2%.
growth of quotations of black gold has had a positive impact on the paper's oil and gas sector. The largest increases are shown Gazpromneft, rising by 7,1%. Lukoil and Rosneft on its background looked more modestly and added, respectively, 3% and 0,9%. The strong demand seen in the papers of Gazprom, which increased in price by 5,2% and getting to the psychological resistance level of 200 rubles., Taking the question of which calls into question the continued rally in the whole market.
telecommunications sector took over the baton from power engineers. Papers regional telecoms rose in price faster pace. Shares Volgatelekoma increased in price by 7,2%, Uralsvyazinform - 5,5%.
The energy sector was on Wednesday in an outsider. After the rapid growth of the previous two sessions, investors opted to take profits. Shares of OGK-3 on the basis of the day declined by 0,5%, OGK-5 - by 0,7%.
Forecast
External background - positive. Positive statements of U.S. companies and makrostatistika retail sales encouraged the continuation of the rally on global platforms. The Dow Jones rose to the level of 10 000 points, adding 1.5%. Continued increase in commodity prices and venues, supported by the weakening dollar. The cost of a barrel of Brent crude now stands at $ 74,7. Against this backdrop, we believe that Russia will increase the market today, the major indexes. However, we note that the current price levels are quite high for purchases and the market is waiting for a pretext to adjust. Investors today should pay attention to statistics on inflation and the labor market in the U.S. (16.30 IST), as well as reporting Goldman Sachs and Citigroup.
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Ruble to the dollar and the currency basket of the MICEX ruble 29,32 and 35,87 respectively
