OREANDA-NEWS. January 25, 2013. Over the week of January 8 - 11, 2013 the Moscow Exchange Indices reflected the positive trend on the Russian stock market. The MICEX Index was up 2.45% to 1,510.84 (1,474.72 as of December 28, 2012) and the dollar-denominated RTS Index grew by 2.93% to 1,571.73 (1,526.98 as of December 28, 2012).

The US dollar depreciated by 0.38% against the ruble last week.

The stock market volatility decreased last week with the Russian Volatility Index falling by 12.35% to 21.23 (24.22 as of December 28, 2012).

Last week most of the key economic sectors represented on the Russian stock market behaved positively. The largest upturn was reported by the financials with the relevant sector index rising by 5.61%. A significant increase was also shown by the metallurgy and the consumer and retail sectors with the relevant sector indices being up 4.06% and 3.06% respectively. The largest downturn was reported by the industrials (-0.59%).

The MICEX Innovation Index gained 0.64% and equaled 496.69 (493.54 as of December 28, 2012).

The RTS Standard Index, the blue chip index, increased by 2.55% to 10,359.18 (10,102.06 as of December 28, 2012).

Second-tier stocks indices experienced the positive trend. The ruble-denominated MICEX SC Index grew by 2.26% to 3,481.42 (3,404.57 as of December 28, 2012). The dollar-denominated RTS-2 Index gained 2.04% reaching 1,608.70 (1,576.61 as of December 28, 2012).

MICEX & RTS Indices, the main indices of the Moscow Exchange

Over the week of January 8 - 11, 2013 the Moscow Exchange Indices reflected the positive trend on the Russian stock market. The MICEX Index was up 2.45% to 1,510.84 (1,474.72 as of December 28, 2012) and the dollar- denominated RTS Index grew by 2.93% to 1,571.73 (1,526.98 as of December 28, 2012).

At the end of the week the MICEX Index was 4.31% higher than a month ago 1,448.43 as of December 11, 2012) and 3.10% higher than a year ago (1,465.47 as of January 11, 2012). The RTS Index was 5.88% higher than a month ago (1,484.50 as of December 11, 2012) and 8.19% higher than a year ago (1,452.69 as of January 11, 2012).

Last week's increase of the RTS Index was accompanied by the decrease of volatility levels, when the Russian Volatility Index RTSVX was down 12.35%.

The most positive impact on the MICEX Index was mainly due to the rising prices for ordinary shares of Sberbank (+0.98%), Gazprom (+0.44%) and Norilsk Nickel (+0.31%).

Trading volume of securities included into the Moscow Exchange Indices' list of constituents amounted to RUB100.55 billion, and the market capitalization of the Indices' constituents amounted to RUB20, 877.05 billion. At the end of the week, 37 constituents of the MICEX Index list were pushing the Index up (+2.81%), while 13 securities behaved negatively (-0.36%).

On the sector level, the major positive impact was made by the financial sector (+1.28%) and the metals & mining (+0.51%).

The oil & gas sector accounted for 50.60% of the MICEX Index total capitalization. The other large-weight sectors were the finance (18.92%) and the metals & mining (10.04%).

Blue chips Index

For the week of January 8 - 11, 2013 the ruble- denominated RTS Standard Index, the blue-chip index, showed a positive trend.

The RTS Standard Index was up 2.55% to 10,359.18 (10,102.06 as of December 28, 2012). At the end of the week the RTS Standard was 4.74% higher than a month ago (9,889.96 as of December 11, 2012) and 3.22% higher than a year ago (10,035.88 as of January 11, 2012).

At the end of the week, 10 out of 15 securities included into the index were pushing the RTS Standard Index up (+2.87%), while 4 shares behaved negatively (-0.32%). The price of one constituent stock remained unchanged.

The most positive impact on the RTS Standard Index was mainly due to the rising prices for ordinary shares of Sberbank (+1.20%) and Gazprom (+0.52%).

The negative impact was due to the falling prices for ordinary shares of Rosneft (-0.14%) and Uralkali (-0.10%).

The oil & gas sector accounted for 55.05% of the blue chips index total capitalization. The other large weight sectors were the financial (23.14%) and the metals & mining (8.69%).

Second-tier Stocks Indices

For the week of January 8 - 11, 2013 second-tier indices reflected the positive trend. The ruble- denominated MICEX SC Index grew by 2.26% to 3,481.42 (3,404.57 as of December 28, 2012). The dollar-denominated RTS-2 Index gained 2.04% reaching 1,608.70 (1,576.61 as of December 28, 2012).

At the end of the week the MICEX SC Index was 6.91% higher than a month ago (3,256.41 as of December 11, 2012) and 2.56% lower than a year ago (3,572.92 as of January 11, 2012).

The RTS-2 Index was 7.43% higher than a month ago (1,497.42 as December 11, 2012) and 4.71% higher than a year ago (1,536.40 as of January 11, 2012).

At the end of the week, 32 out of 50 securities included into the RTS-2 Index constituent list were pushing the Index up (+2.44%), while 12 securities behaved negatively (-0.40%). The prices of 6 constituent stocks remained unchanged.

The most positive impact on the RTS-2 Index was mainly due to the rising prices for ordinary shares of TGK 1 (+0.38%) and OGC-5 (+0.25%).

The negative impact was due to the falling prices of Irkutskenergo (-0.20%) and Korshynov MPO (-0.06%).

The most positive impact on the second-tier indices was mainly due to the rising prices for securities of the electric utilities (+1.32%) and the consumer and retail (+0.26%) sectors.

The electric utilities sector accounted for 41.80% of the RTS-2 Index total capitalization. The other large-weight sectors were the industrial (12.66%) and the chemical (11.01%).

Debt market

The Russian Government Bond Index (RGBI, total return) was up 0.04% to 138.04 points last week (137.99 points as of December 21, 2012). The weighted average return of the securities being the part of the calculation formula was down 1 basis point to 6.58%.

The Municipal Bond Index (MICEX MBI TR, total return) showed the positive trend and reached 166.21 points growing by 0.38% (165.58 as of December 21, 2012).

The total return value of the MICEX Corporate Bond Index (MICEX CBI TR) was up 0.38% to 224.16 points.

The conservative investment strategy tracking the last week's pension index could have resulted in a gain of 0.14% per week. The aggressive investment strategy based on the pension index could have brought a loss of 0.04% per week.

The bond overnight repo rate was up 1 basis point (from 6.34% to 6.35%).The equity overnight repo rate was up 3 basis points and equaled 6.27%.

Index Derivatives

For the week of January 8 - 11, 2013 the total trading volume in index futures and options on the Moscow Exchange Derivatives Market equaled RUB223.63 billion or 2.35 million contracts.

Last week's trading volume for the most liquid contract on FORTS, futures contract on the RTS Index, amounted to RUB191.12 billion or 2.01 million contracts.

The RTS Index futures contract traded in backwardation last week. By the end of the week the RTS Index gained 2.93%, while the March and December futures contracts being up 2.88% and 2.79% respectively.

The total investors' open interest measured in RTS Index futures increased by 7.04%.

During the week the trading volume in futures contract on the MICEX Index was RUB1.26 billion or 8.26 thousand contracts. Open interest in the MICEX Index futures increased by 3.97%.

Trading volume in options on RTS Index futures totaled RUB30.66 billion or 328.29 thousand contracts last week. Open interest of RUB67.86 billion or 751.73 thousand contracts was fixed. Put options made up 43.07% of the total open interest for these contracts. The 155.000 strike calls and 150.000 strike puts had the highest open interest.

The total investors' open interest measured in options on the RTS index futures increased by 24.53%.