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Russian stock market daily morning report (September 20, 2012, Thursday)

Contributed by Veles Capital

Today’s data on Chinese PMI indicating the slow down of Chinese economy caused a new reduction of the exchange indices. During the day the data on PMI and Consumers’ confidence index will be output in the Eurozone, initial and secondary jobless claims, accelerating indicators and FRB of Philadelphia in the U.S. The Russian market will be supported by the release of assets, reserved for SPO of Sberbank.

Main events

RAO UES East will sell a share of DEK in DRSK to FNC for 13 bn RUR.

FNC UES will buy a portfolio of common nominated shares in Far-East Distribution Network Company (DRSK) in the volume of 910.3 bn shares. By market estimation, conducted by independent evaluator, the price of portfolio was set as 13 bn RUR.FAS allowed Mosenergo to buy 51% of company, which finances the investment project of OGK-2.

Yesterday MSCI Barra announced weight increase of RusHydro in MSCI Russia by 14 b.p. to 1.59%.