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Russian stock market evening report by Veles Capital (July 1, 2009, Wednesday, 4.00 p.m. GMT)

Stocks
 
Market today.  The market is trading with no actual idea, reacting only to the oil quotes. More or less significant movements are indicated just on the power energy sector shares.

Market tomorrow. Likely the trend of following the oil prices will continue tomorrow.
 

Bonds
                                                           
Market today.  The activity has not returned to the ruble market with the beginning of the new month. Price variation totaled +/- 20 b.p.. Likely the market is calm due to waiting for the new placements (TGC-1 and Vimpelcom), and also for the consequences of the order by the prime-minister on upping the crediting volumes. Ruble liquidity reduction might be supported by the increase of reserve write-offs by the banks. At the Eurobond market, on contrary, things got livelier. Currency note with due dates in 2011-2015 grew by 50-100 b.p., which likely was due to the day-off in the U.S. – there is no reason to stay with cash for the holidays.

Market tomorrow. On Thursday the conjuncture of the domestic market will likely not change. The interest of buyers will be focused on the new issues. So, the demand will likely be in the regional loans.
 

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Time constraints of transferring to equal yield of gas prices will depend from the situation at the foreign markets. (Ministry of Energy)
Net profit of KAMAZ by IAS totaled 1 mn RUR in 2008 versus 7.8 mn RUR a year earlier. (Interfax)