consolidation of Svyazinvest has serious risks for minority shareholders

contradictory dynamics of global sites and neutral dynamics of oil prices speaks in favor of opening Russian sites about yesterday"s levels or slightly lower. Among the external events should be made solutions at the rate of the Bank of England and the ECB, as well as statistics on the original demands of the unemployed on benefits (Initial Claims) as of January 29, waiting - 460 thousand today FGC will also present its financial results under IFRS for 1 half of 2009 year. Rosneft may receive n1000o contest two areas of the Island, the local positive for shares of state oil company.

She is best known technique for which will be consolidated on the basis of MRK Rostelecom. Calculations of the coefficients will be based on accounting standards in the light of the subsidiaries based on the method of discounted cash flows. Will also be used for market quotations. Preferred shares regional telecoms will be evaluated at a discount to ordinary shares of MRK. The quantity discount will be approximately the historical difference between the prices of these securities for a period of one year. We continue to believe that the risks of consolidation for minority shareholders are very high. I recommend you stay away from the securities subsidiaries of Svyazinvest, preferring MTS, understandable, transparent chip with good growth potential.

We remain optimistic about Russia"s stock market in the coming months, waiting for the release of the RTS index in the corridor of 1800-2000 points, although they acknowledge the risks the world economy and growing uncertainty about China and the Eurozone. From our point of view, for not wishing to risk the ruble bond market remains a viable alternative to market shares.

The task of "Bears" remains the achievement and the breakdown of the nearest support, located at 1425 points on the MICEX
Progress in today"s trading will be determined by the dynamics of the currency market, where before the opening of a decrease in pair euro /dollar
The opening of trading on Russia"s market should be flat - a situation during the night has not changed
Gazprom will hold annual shareholders" meeting June 25, 2010
Review of the FOREX market for 03.02.10
Forex: the market froze, players are waiting for the outcome of meetings of the ECB and the Bank of England
Latin America: Brazil fears tougher, America Movil pleases Mexico
Rate for the dollar fell - an overview of cash markets
NBU should not give an explanation for the size of currency collection