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Russian stock market morning report by Veles Capital (October 8, 2008, Wednesday, 7.30 a.m. GMT)
8 October 2008
Source: www.veles-capital.ru
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This Tuesday’s trades have opened only at 13:00 (Moscow local time) and were extremely volatile. Opening of the trading session was held in the green mostly. And this fact is related to oil prices growth, adding +1-1.5 USD. Aside of this – the stocks of banking sector have expanded at the back of expected state support and provision of a credit line of 950 bn RUR. World markets have anticipated the coordinated actions of world’s central banks, such as cuts of rate by Feds and Central Banks. The resulting stocks of Sberbank have gone above the market, whilst MICEX traded VTB stocks in the green. However, after reaching 900 points, RTS got deflated and bounced off the level, going down in the red.
At the end of the day RTS dropped -0.95% and closed at 858.16 points. In the green were stocks of Sberbank (+3.03%) and Gazprom (+1.54%). The decrease was evident throughout almost all of blue chips: LUKOIL (-4.94%), Norilsk Nickel (-1.45%), Surgutneftegas (-2.7%).
RTS classic market turnover was low and formed 7.9 mn USD. The top turnovers of the day were achieved by stocks of Gazprom (2.4 mn USD) and LUKOIL (1.3 mn USD).
And then again, Russian stock market is still besieged – USA and Asian indices have once more proved a fall. US have been reduced -5%, Asia lost -5-9%, which in fact all bad for the Russian stocks. On the other hand, the government continues to take on measures in order to stabilize the market, which may prove successful.
Other news
Oil companies ask Russian government to refinance their debts
LUKOIL, Rosneft, TNK-BP and Gazprom bids Russian government to provide them credits under market conditions. RBK reported that Dmitry Dolgov, chief manager of LUKOIL’s press office sent the appeal to Vladimir Putin, the prime minister of RF.
MMK decreases production rate and optimizes the number of employees
MMK decreased the number of working hours by 2. The company optimizes the number of employees in some departments, stopped hiring new ones and there is a high possibility of holidays without payments. The production plan for October fell down to 850 th tons of rolled metal, due to decreased number of secured orders to less than 600 th tons.
TMK may cut 9 months dividends down two times
The first harbinger: S&P downgrades ratings of some IRCs
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Russian stock market morning report by Veles Capital (October 8, 2008, Wednesday, 7.30 a.m. GMT), 8 October 2008
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