Bargaining Is Timely
Moscow Interbank Currency Exchange (MICEX) set another turnover record yesterday – the investors clinched deals for the total worth of 316 billion rubles, fueling the indices by 1.47 percent to 1.63 percent. Non-resident funds are aggressive when stepping up the investments on Russia’s market, while the local players hasten to fix profits.
The MICEX turnover reached 316.43 billion rubles Monday, having set the record of 11-year existence of this trading floor. The index grew by 1.47 percent to 1,822. In general, the yesterday’s trading advanced Russia’s indices to pre-crisis levels. RTS benchmark soared 1.63 percent to 2,321, which is 1.3 percent more than early this year, while MICEX has to adjust another 3.5 percent.
Of interest is that performance of overseas indices is by far not so healthy. The U.S. DJIA, for instance, is 3.2 percent lower than early this year, Britain’s FTSE is behind by 3.9 percent, while French CAC 40 and German DAX are yet to gain another 11.36 percent and 12.78 percent respectively.
The oils were the growth leaders yesterday with players continuing to profit on Vladimir Putin’s statement about the necessity to trim tax burden for oil companies. LUKOIL gained 2.5 percent Monday, Surgutneftegaz increased 2.8 percent and Rosneft manifested the growth of 4.4 percent. In addition to Putin’s promise, the stocks of the latter were fueled by promotion of its BOD Chairman Igor Sechin to the office of Russia’s vice premier for industry.
Telecom stocks grew as well, driven up by the resignation of IT and Communication Minister Leonid Reiman. Uralsvyazinform soared 7.1 percent on this news and preferred stocks of Rostelecom went up by 4.51 percent.
www.kommersant.com
All the Article in Russian as of May 13, 2008
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