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Russian stock market morning report by Veles Capital (October 7, 2008, Tuesday, 7.30 a.m. GMT)
7 October 2008
Source: www.veles-capital.ru
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The total fall continued throughout the market, dragging down Russia’s market. RTS has dropped below the all important 1000 points and hit the level of late October 2005, reaching almost 900 points. The acceptation of “Paulson plan” has provided no support for the market, bringing only fear on ineffectiveness of the taken measures. Aside of this – the expected worsening of financial crisis and US economy recession spreads like a wildfire. And this slams the commodity sector rather hard. Yesterday the oil price dropped below 90 USD, and was traded at 85-86 USD, making the stocks of oil & gas companies lose at average of -15-20%. About a third of its price has been lost by Norilsk Nickel. The trades got halted twice during the day. After the second time, the trades opened some 30 minutes before the end of the session, continuing the fall, whilst RTS drilled below 900 points.
Yesterday RTS lose -19.1%, thus renewing its bottom level, reached in October 1997, finally closing at 866.39 points. The worst sapping of index was made by stocks of Gazprom (-20.6%), LUKOIL (-24.16%) and Rosneft (-27.41%).
Classic market’s turnover of Monday has formed 12.7 mn USD. The top volumes were achieved by stocks of Gazprom (6.3 mn USD), Sberbank (1.3 mn USD) and Norilsk Nickel (1.3 mn USD).
For now we see no reason for a cardinal change throughout Russian stock markets. The proof of that is evident in drop of RTS futures down to 700 points. However, there is a chance that some positive correction following the yesterday fall, would finally appear today. The improvement could also be supported by US indices growing futures, as well as oil prices, which correct upwards, backed by the expected reduction of OPEC, after excessive fall of Monday. Nevertheless, the early trades are likely to be held in the red.
Other news
Alfa and Telenor split property?
Scandinavia’s Telenor – the telecoms group and affiliates of Russia’s Alfa-group, are close to sign a pact set to exchange assets, reported the insider from the Scandinavian party.
WGC-3’s IAS 1H 2008 financial report.
According to 1H 2008 financial report, WGC-3’s revenue increased by +33% and formed 768 mn USD in comparison with 1H 2007 results. The major boosting factors were: total sales growth and increased effectiveness of operations at wholesale electric energy market under current market liberalization.
KAMAZ: surfaced difficulties.
Over January-September 2008 KAMAZ produced and sold 41.85 th trucks, by 9.8% above the results of prior year, company’s press office reported. Besides published operating results, the company also announced that the deal, concerning 42% sale of KAMAZ’s stake to Daimler could not be finalized due to long crisis at the stock market.
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