Nonresidents Slowed the Speed
Moscow Interbank Currency Exchange (MICEX) has released the list of October leaders in brokerage turnover. VTB and Sberbank showed material growth, while almost all other players declined on nearly 30-percent fall of the index and abrupt drop in nonresident activity. The individuals that were agressively opening brokerage accounts in October were in no hurry to make any transactions through them.
Troika Dialog, Gazprombank and Nomos Bank led in the bond turnover of the main trading section in October. VTB, KIT Finance and Gazprombank were the leaders of the aggregate turnover of stocks. The turnover of VTB surged 184.5 percent, from 174 billion ruble to 495.5 billion ruble, propelling the bank from the tenth to the first place.
“VTB was the key player on the repo market,” Andrei Girichev from VTB Capital explained the reasons of gains. According to MICEX, VTB was the repo leader with the stock turnover of 492 billion ruble.
The turnover of Russia’s biggest saving bank, Sberbank, widened 101.5 percent, from 66.8 billion ruble to 134.6 billion ruble. But VTB and Sberbank were outside the general trend. Nearly all market players suffered from material decline and the aggregate sales of MICEX shed from 3 trillion ruble in September to 1.492 trillion ruble in October.
Even VEB, which had been committed to emerge as the helping arm of the government in time of financial turmoil, lost 50.4 percent that month, having narrowed from 100.99 billion ruble to 50 billion ruble despite spending 20 billion ruble by October 28 to acquire the stocks, according to VEB President Vladimir Dmitriev.
The key reason of the decline, the analysts say, was the money withdrawal by nonresidents. Their share in aggregate amount narrowed from 37 percent to 22 percent. Of interest is that the share of individuals surged from 10.7 percent to 14.6 percent. MICEX registered more than 25,800 unique brokerage accounts in October although the number of such new accounts had been hardly above 6,000 to 8,000 before the crisis. According to MICEX, 532,400 unique individual accounts were registered by November 1, but no more than 90,700 of them were used for at least a single transaction during a month.
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All the Article in Russian as of Nov. 10, 2008
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