OREANDA-NEWS. Over the week of February 11-15, 2013 the Moscow Exchange Indices reflected the negative trend on the Russian stock market. The MICEX Index was down 0.77% to 1,508.17 (1,519.91 as of February 8, 2013) and the dollar-denominated RTS Index fell by 0.81% to 1,577.26 (1,590.13 as of February 8, 2013).

The US dollar appreciated by 0.09% against the ruble last week.

The stock market volatility increased last week with the Russian Volatility Index rising by 12.86% to 22.11 (19.59 as of February 8, 2013).

Last week most of the key economic sectors represented on the Russian stock market behaved negatively. The largest downturn was reported by the electric utilities with the relevant sector index falling by 1.52%. A significant decrease was also shown by the industrials and telecommunication with the relevant sector indices being down 1.40% and 0.65% respectively. The largest upturn was reported by the consumer goods & retail sector (+4.56%).

The MICEX Innovation Index lost 0.41% to 460.51 (462.42 as of February 8, 2013).

The RTS Standard Index, the blue chip index, decreased by 1.27% to 10,204.82 (10,335.71 as of February 8, 2013).

Second-tier stocks indices experienced the positive trend. The ruble-denominated MICEX SC Index appreciated by 1.67% to 3,641.20 (3,581.56 as of February 8, 2013). The dollar-denominated RTS-2 Index gained 0.77% reaching 1,666.87 (1,654.06 as of February 8, 2013).

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

Over the week of February 11-15, 2013 the Moscow Exchange Indices reflected the negative trend on the Russian stock market. The MICEX Index was down 0.77% to 1,508.17 (1,519.91 as of February 8, 2013) and the dollar-denominated RTS Index fell by 0.81% to 1,577.26 (1,590.13 as of February 8, 2013).

At the end of the week the MICEX Index was 0.47% lower than a month ago (1,515.25 as of January 15, 2013) and 4.51% lower than a year ago (1,579.38 as of February 15,

2012). The RTS Index was 0.05% higher than a month ago (1,576.54 as of January 15, 2013) and 5.06% lower than a year ago (1,661.36 as of February 15, 2012).

Last week's decrease of the RTS Index was accompanied by the increase of volatility levels, when the Russian Volatility Index RTSVX was up 12.86%.

The most negative impact on the MICEX Index was mainly due to the falling prices for ordinary shares of GAZPROM (-0.37%), MMC NORILSK NICKEL (-0.30%) and Sberbank of Russia (-0.29%).

Trading volume of securities included into the Moscow Exchange Indices' list of constituents amounted to RUB 124.87 billion, and the market capitalization of the Indices' constituents amounted to RUB 20, 683.57 billion.

At the end of the week, 23 constituents of the MICEX Index list were pushing the Index down (-1.31%), while 27 securities behaved positively (+0.54%).

On the sector level, the major negative impact was made by the oil & gas sector (-0.33%) and the metals & mining (-0.27%).

The oil & gas sector accounted for 49.56% of the MICEX Index total capitalization. The other large-weight sectors were the finance (19.78%) and the metals & mining (9.43%).

Blue Chip Index

For the week of February 11-15, 2013 the ruble- denominated RTS Standard Index, the blue-chip Index, showed a negative trend.

The RTS Standard Index was down 1.27% to 10,204.82 (10,335.71 as of February 8, 2013). At the end of the week the RTS Standard Index was 1.53% lower than a month ago (10,362.86 as of January 15, 2013) and 5.72% lower than a year ago (10,824.37 as of February 15, 2012).

At the end of the week, 10 out of 15 securities included into the index were pushing the RTS Standard Index down (-1.54%), while four shares behaved positively (+0.27%). The prices of one constituent stock remained unchanged.

The most negative impact on the RTS Standard Index was mainly due to the falling prices for ordinary shares of GAZPROM (-0.47%) and MMC NORILSK NICKEL (-0.40%).

The most positive impact was due to the rising prices for ordinary shares of VTB Bank (+0.15%) and LUKOIL (+0.06%).

The oil & gas sector accounted for 54.14% of the blue chips index total capitalization. The other large- weight sectors were the finance (24.45%) and the metals & mining (8.26%).

Second- Tier Stocks Indices

For the week of February 11-15, 2013 second-tier stocks indices experienced the positive trend. The ruble-denominated MICEX SC Index appreciated by 1.67% to 3,641.20 (3,581.56 as of February 8, 2013). The dollar-denominated RTS-2 Index gained 0.77% reaching 1,666.87 (1,654.06 as of February 8, 2013).

At the end of the week the MICEX SC Index was 1.62% higher than a month ago (3,583.14 as of January 15, 2013) and 8.16% lower than a year ago (3,964.66 as of February 15, 2012).

The RTS-2 Index was 2.97% higher than a month ago (1,618.78 as January 15, 2012) and 6.55% lower than a year ago (1,783.74 as of February 15, 2012).

At the end of the week, 19 out of 50 securities included into the RTS-2 Index constituent list were pushing the Index up (+2.08%), while 27 securities behaved positively (-1.31%). The prices of four constituent stocks remained unchanged.

The most positive impact on the RTS-2 Index was mainly due to the rising prices for ordinary shares of IDGC of Centre and Volga Region (+0.43%) and PROTEK (+0.33%).

The most negative impact was due to the falling prices of GAZ (-0.34%) and TGC 9 (-0.24%).

The most positive impact on the second-tier indices was mainly due to the rising prices for securities of the consumer goods and retail (+0.47%) and the chemicals (+0.38%).

The electric utilities sector accounted for 41.90% of the RTS-2 Index total capitalization. The other large- weight sectors were the industrials (12.18%) and the chemicals (11.73%).

Debt market

The Russian Government Bond Index (RGBI. total return) was down 0.07% to 139.10 last week (139.20 points as of February 8, 2013). The yield to maturity of the securities being the part of the calculation formula was up 4 basis point to 6.37%.

The Municipal Bond Index (MICEX MBI TR. total return) showed the positive trend and reached 169.26 growing by 0.36% (168.66 as of February 8,

2013).

The total return value of the MICEX

Corporate Bond Index (MICEX CBI TR) was up 0.20% to 228.11 points.

The conservative investment strategy tracking the last week's pension index could have resulted in a gain of 0.18% per week. The aggressive investment strategy based on the pension index could have brought a loss of 0.02% per week.

The bond overnight repo rate was up 52 basis point (from 5.39% to 5.91%). The equity overnight repo rate was up 49 basis points and equaled 5.81%.

Index Derivatives

For the week of February 11-15, 2013 the total trading volume in index futures and options on the Moscow Exchange Derivatives Market equaled RUB 654.73 billion or 6.83 million contracts.

Last week's trading volume for the most liquid contract on FORTS, futures contract on the RTS Index, amounted to RUB 557.95 billion or 5.83 million contracts.

The RTS Index futures contract traded in backwardation last week. By the end of the week the RTS Index lost 0.81%, while the March and December futures contracts down 1.02%.

The total investor's open interest measured in RTS Index futures decreased by 10.84%.

During the week the trading volume in futures contract on the MICEX Index was RUB 3.03 billion or 19.84 thousand contracts. Open interest in the MICEX Index futures increased by 0.77%.

Trading volume in options on RTS Index futures totaled RUB 93.15 billion or 971.75 thousand contracts last week. Open interest of RUB 68.37 billion or 749.65 thousand contracts was fixed. Put options made up 45.36% of the total open interest for these contracts. The 160.000 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 decreased by 34.24%.