Reports » Russia

Russian stock market daily morning report (February 18, 2010, Thursday)

Contributed by Veles Capital

By Veles Capital

On Wednesday no remarkable trends were indicated at the Russian share market. The day was full of searching any investment ideas, and the trades were volatile. In the morning Russian participants preferred mostly buying against the background of negative close at Asian and American grounds. Purchasing was also supported by strong results at the commodity market in both: oil and metals sections. Later on the market went laterally within the positive zone before the stats from the U.S. came out. As the data on U.S. industrial production in January (0.9% growth) and the number of newly-built houses (2.8% growth has been output, correction began at the Russian share market and all highs that have been reached before that got lost. Even considering the fact that the stats came out being better than forecasted, still the idea “buy when rumors, sell by fact” did its thing. Russian trade participants preferred to fixate the share of profit they accumulated during the few past days. At the trades close the RTS index did not get far from the previous day close value. And the short-term trend moves might be characterized as consolidation with an opportunity of high, especially due to technical factors.
 

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