Russian Stock Market Wrap for October 11
OREANDA-NEWS. On October 11, Thursday, Russian stock market was rising actively once more, renewing its own highest value. According to Veles Capital's experts, the acceleration of climbing could have been caused by a message of CB RF, which lowered mandatory reserve standards that day. The given factor means that banks will now have additional funds, part of which could be directed elsewhere, to stock market, in particular. Growth of quotes appeared around most of the market, while drops were occasional and local. Overheated stock of Rostelecom and Mechel cheapened, whereas Mechel’s shares rose by over 15% last week, which could have triggered Thursday’s correction.
At the end of the day RTS stopped at 2173.11 points, 1.73% higher than in the prior day.Top positive support was offered by stock of: LUKOIL (+2.24%), Sberbank (+2.01%) and Gazprom (+1.45%). Index growth was slowed down by stock of: Rostelecom (-0.19%),
Severstal-Avto (-1.11%) and Severstal (though their quotes rose up 1.44%). RTS turnover of Thursday remained at high level, forming a total of 91.4 mln USD. The leaders on turnover were: Sberbank (21.6 mln USD), UES (18.1 mln USD) and Gazprom (11.7 mln USD).
Prior to Russian trades, markets of US and Asia showed a sign of weakness – NASDAQ Composite lost 1.4%, DJIA – about 0.5%, Japan’s Nikkei – lost about 0.8%. According to the analysts, considering the fact that Russian RTS has been rising unfailingly throughout last five trading sessions, and now is obviously overheated, the decrease of foreign indices may cause a correction of the Russian market.
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