A passer-by is silhouetted in front of a display showing movements of the current Nikkei share average outside a brokerage in Tokyo March 3, 2008.
Photo: Reuters
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Presidential Election Not to Affect Russia’s Stock Market
The victory of First Deputy Prime Minister Dmitry Medvedev at the presidential election was predictable, so its effect on the country’s stock market was minimal, the analysts said. The succession of Putin’s policy has been preserved, but it hardly guarantees any immunity to the negative response from overseas.
The stock market of Russia soared over 8 percent in February, which could be taken for the pre-election rally in view that the global crisis was accelerating. The voting results matched all expectations but the external environment gives rise to apprehension, the analysts warn.
Driven down by disappointing statistics and unhealthy financial results of a few companies, including American International Group and Dell, the U.S. floors shed 2.5 percent to 2.7 percent on the last day of February. Asia followed the trend Monday with the yen-to-dollar appreciation taken as an additional negative factor, adversely affecting the exporters.
Russia, however, is sustained by skyrocketing prices for crude oil. But internal events are still in the middle distance. It would be premature to speak of any rising trend until the global floors regain certain stability. Today’s forecast for local stock exchanges is adjusting after the negative opening. Regardless, Russia’s market will appear more successful than the markets of any other emerging economy by the end of this week, the analysts forecast.
www.kommersant.com
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