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Russia’s Market Stages Counter-Attack
The stock market of Russia will adjust this week, the analysts speculate, specifying that, for the first time over quite a long period, the government has taken pains to defend it against the skepticism of global investment community. According to Troika Dialog analysts, the proving signs are forthcoming settlement of TNK-BP conflict, actions taken to prevent further depreciation of ruble and declared reduction in oil tax burden.
But those are just the first steps required to reverse the trend, and although their result will manifest itself after a while, the period of Russia’s market retard from other emergency markets is ending, the analysts specify.
What’s more, unlike the better part of emerging economies, the dependence of Russia’s economy on the foreign capital flow is by far not of crucial nature. The reports, for instance in The Financial Times, about the huge capital outflow from Russia and material depreciation of ruble appear slightly hysterical in light of the problems of other markets.
Russia’s market hasn’t reached the bottom provided the global factors are taken into account. The conditions have established so that it could look better than other emerging markets at last, the analysts say, expecting the recovery to begin already today. The oil prices that climbed $2.5 in Asia today are the additional positive factor.
And last but not least, the CBR statement about the refusal to take any extra efforts to sustain the ruble, as the trend doesn’t threaten economic stability of the country, is likely to cool down profiteers on the market of foreign exchange.
www.kommersant.com
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