The continuing decline in the Russian market still falls within the scope of the technical correction

 
  
 
 
  29.07.09 13:06 ;
  The Russian market is now open to the negative external background. U.S. Stock indices finished the session 27 July, the decline of major indices. Trading on Asian stock markets were accompanied by a fixation profit.

As a result, the opening of the Russian market was in negative zone, after which the decline in major indexes accelerated. This contributed to a negative opening of European markets.

In an hour after the start of bidding, all blue chips were in red zone. In the fall of leaders were shares GMK «Norilsk nickel», as well as ordinary shares «Sberbank» (-1,8%).

later decline of the Russian sites have slowed. The growth in European and emerging markets. By 13.00 Moscow time RTS index losing 1.91%, at 982.64 points. MICEX Index is at 995.3 points (-0.69%).

better by that time the market traded representatives of the metallurgical sector: Severstal (SA) adds more than 4%, TMK shares grow at 2.89%, paper CIM added 1.13%.

the ruble to the dollar and bivalyutnoy basket this morning at 31.21 and 37.17 rubles against, respectively, 30.64 and 36.58 rubles at the auction Tuesday morning. «Technical factors, as well as a possible concern CMAO current pace of strengthening the Russian currency at the FX may be in the near future to reduce the quotations ruble in the foreign exchange market from their current levels, even with the recovery as a result of bull activity on the Russian financial sector», - considers Chief Economist CC «Finam Management» Alexander Osin.

According to most experts, the continuing decline in the Russian market still fit into the framework of technical correction. «The further evolution of Russian sites will be determined by oil prices and the movement of U.S. stock indexes. This decline, we regard as correct for the growth to the next level of support for the MICEX index of 950 points. Stable oil prices, new heights of international indices, the revision of apocalyptic predictions of performance and good statdannye, in our opinion, are not yet fully reflected in the quotations of shares of Russian companies », - noted portfolio manager IC« Finam »Denis Spiridonov.

By 13.00 Moscow time the September contract for crude oil brand Brent traded at a price of $ 68,3,7 per barrel, oil brand Light - at a price of $ 65.54 per barrel. Further dynamics of the oil market today may have an impact on stocks of fuel in the United States. Preliminary data from the Petroleum Institute showed significant growth in reserves, which could put pressure on quotes «black gold».

«Today's closure, we see it near zero while ensuring that the beginning of growth in Europe, the U.S. futures on indices and save the world price of oil in the region of 65-66 dollars per barrel, if the raw materials will continue to deliver position, we will go down together with him », - considers the analyst IFK« Option »Elena Grebenshikov.

In Europe, FTSE index rising to 0.86%, the index CAC40 - on 1,32%, the index DAX - on 1,48%.

By 13.00 Moscow time ADRs in the Russian equities in London (in dollars per share) were: «LUKOIL» - 46,99, «NorNikel» - 94,3, «Rosneft» - 5,82, «Rostelecom» — 4,95, «Gazprom» - 4,87.


  

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