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Russian stock market daily evening report (March 10, 2010, Wednesday)

Contributed by Veles Capital

By Veles Capital

Stocks
  

Market today. The session at the Russian market was volatile. Till the middle of the day upping was indicated being supported by the raise at the commodity markets against the background of the positive stats from China on export and import. Later on under pressure of the domestic factors and slight overbuy in several sectors the players preferred fixating their profit and the indices returned to the levels of the beginning of the day.

Market tomorrow. We are expecting the lateral trend to continue in the beginning of the session, later on the participants will be following the actions at the European grounds and waiting for the data on U.S. labor market, and after that the lateral trend will follow.
 

Bonds
                                                          
Market today.  On Wednesday the activity remained high at the market. Demand for ruble issues was provided by sharp strengthening of ruble versus the currency basket. The most interest of the buyers was focused on the issues of Sibmetinvest, Severstal and MMC. Possibly that was due to the coming placement by Mechel. Also the notes of Moscow (49th and 62nd) and Sistema (1st and 2nd) were actively bought. Interest was indicated on the 7th issue of Moscow Region. At the Russian Eurobond market we might outline the sharp high of quotes of the sovereign issue Russia 30, which reached 115.6% of the nominal price. Following the sovereign issue the most liquid corporate notes started climbing, particularly the notes of Alfa-Bank and VTB.

Market tomorrow.  On Thursday the purchases continued at the ruble debt market, which will be supported by the extremely low cost of funding, along with the expectation of another reduction of the rate by Bank of Russia. The overestimation will affect the foreign Russian debt also.
 
 

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