OREANDA-NEWS. Over the week of April 8-12, 2013 the Moscow Exchange Indices reflected the negative trend on the Russian stock market. The MICEX Index was down 2.18% to 1,385.84 (1,416.69 as of April 5, 2013) and the dollar-denominated RTS Index fell by 0.40% to 1,405.47 (1,411.09 as of April 5, 2013).

The US dollar depreciated by 2.64% against the ruble last week.

The stock market volatility increased last week with the Russian Volatility Index rising by 20.94% to 21.31 (17.62 as of April 5, 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 10.46%. A significant decrease was also shown by the chemicals and the telecommunications with the relevant sector indices being down 4.67% and 4.14% respectively.

The MICEX Innovation Index lost 5.94% to 400.33 (425.62 as of April 5, 2013).

The RTS Standard Index, the blue chip index, decreased by 1.89% to 9,461.14 (9,643.40 as of April 5, 2013).

Second-tier stocks indices experienced the negative trend. The ruble-denominated MICEX SC Index depreciated by 5.82% to 3,045.19 (3,233.34 as of April 5, 2013). The dollar-denominated RTS-2 Index lost 4.72% to 1,319.17 (1,384.47 as of April 5, 2013).

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

Over the week of April 8-12, 2013 the Moscow Exchange Indices reflected the negative trend on the Russian stock market. The MICEX Index was down 2.18% to 1,385.84 (1,416.69 as of April 5, 2013) and the dollar-denominated RTS Index fell by 0.40% to 1,405.47 (1,411.09 as of April 5, 2013).

At the end of the week the MICEX Index was 7.72% lower than a month ago (1,501.76 as of March 12, 2013) and 7.71% lower than a year ago (1,501.63 as of April 12, 2012). The RTS Index was 8.89% lower than a month ago (1,542.55 as of March 12, 2013) and 13.25% lower than a year ago (1,620.19 as of April 12, 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 20.94%.

The most negative impact on the MICEX Index was mainly due to the falling prices for ordinary shares of GAZPROM (-0.44%), Surgutneftegas (-0.23%) and FGS UES (-0.19%).

Trading volume of securities included into the Moscow Exchange Indices' list of constituents amounted to RUB 117.77 billion, and the market capitalization of the Indices' constituents amounted to RUB 19,004.06 billion.

At the end of the week, 44 constituents of the MICEX Index list were pushing the Index down (-2.50%), while 6 securities behaved positively (+0.32%).

On the sector level, the major negative impact was made by the oil & gas (-1.17%) and the electric utilities (-0.51%).

The oil & gas sector accounted for 51.76% of the MICEX Index total capitalization. The other large-weight sectors were the finance (18.86%) and the metals & mining (8.31%).

Blue Chip Index

For the week of April 8-12, 2013 the ruble- denominated RTS Standard Index, the blue-chip Index, showed a negative trend.

The RTS Standard Index was down 1.89% to 9,461.14 (9,643.40 as of April 5, 2013). At the end of the week the RTS Standard Index was 7.13% lower than a month ago (10,188.01 as of March 12, 2013) and 8.06% lower than a year ago (10,290.60 as of April 12, 2012).

At the end of the week, 13 out of 15 securities included into the index were pushing the RTS Standard Index down (-1.92%), while one share behaved positively (+0.03%). The price 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 (-0.49%) and Surgutneftegas (-0.30%).

The most positive impact was due to the rising prices for ordinary shares of VTB Bank (+0.03%).

The oil & gas sector accounted for 56.81% of the blue chips index total capitalization. The other large- weight sectors were the finance (22.75%) and the metals & mining (7.33%).

Second- Tier Stocks Indices

For the week of April 8-12, 2013 second-tier stocks indices experienced the negative trend. The ruble- denominated MICEX SC Index depreciated by 5.82% to 3,045.19 (3,233.34 as of April 5, 2013). The dollar- denominated RTS-2 Index lost 4.72% to 1,319.17 (1,384.47 as of April 5, 2013).

At the end of the week the MICEX SC Index was 13.91% lower than a month ago (3,537.11 as of March 12, 2013) and 20.36% lower than a year ago (3,823.51 as of April 12, 2012).

The RTS-2 Index was 16.85% lower than a month ago (1,586.50 as March 12, 2012) and 29.20% lower than a year ago (1,863.29 as of April 12, 2012).

At the end of the week, 37 out of 50 securities included into the RTS-2 Index constituent list were pushing the Index down (-5.24%), while 11 securities behaved positively (+0.52%). The prices of two constituent stocks remained unchanged.

The most negative impact on the RTS-2 Index was mainly due to the falling prices for ordinary shares of IDGC of Centre (-0.63%) Far Eastern Shipping Company and (-0.56%).

The most positive impact was due to the rising prices of TMK (+0.13%) and Volga TGC (+0.10%).

The most negative impact on the second-tier indices was mainly due to the falling prices for securities of the electric utilities (-2.82%) and the transportation (-0.52%).

The electric utilities sector accounted for 37.62% of the RTS-2 Index total capitalization. The other large- weight sectors were the industrials (12.92%) and the consumer goods & retail (12.26%).

Debt Market

The Russian Government Bond Index (RGBI, total return) was up 0.78% to 139.59 last week (138.51 points as of April 5, 2013). The yield to maturity of the securities being the part of the calculation formula was down 22 basis points to 6.54%.

The Municipal Bond Index (MICEX MBI TR, total return) showed the positive trend and reached 170.90 basis points (170.40 as of April 5, 2013).

The total return value of the MICEX Corporate Bond Index (MICEX CBI TR) was up 0.30% to 231.04 points.

The conservative investment strategy tracking the last week's pension index could have resulted in a gain of 0.28% per week. The aggressive investment strategy based on the pension index could have brought a loss of 0.90% per week.

The bond overnight repo rate was up 5 basis points (from 5.89% to 5.91%). The equity overnight repo rate was up 2 basis points and equaled 5.91%.

Index Derivatives

For the week of April 8-12, 2013 the total trading volume in index futures and options on the Moscow Exchange Derivatives Market equaled RUB 638.46 billion or 7.36 million contracts.

Last week's trading volume for the most liquid contract on FORTS, futures contract on the RTS Index, amounted to RUB 551.45 billion or

6.38 million contracts.

The RTS Index futures contract traded in backwardation last week. By the end of the week the RTS Index lost 0.40%, while the June futures contracts down 0.01% but the September futures contracts up 0.05%.

The total investor's open interest measured in RTS Index futures decreased by 4.77%.

During the week the trading volume in futures contract on the MICEX Index was RUB

6.39 billion or 45.91 thousand contracts. Open interest in the MICEX Index futures increased by 33.80%.

Trading volume in options on RTS Index futures totaled RUB 80.31 billion or 932.55 thousand contracts last week. Open interest of RUB 145.66 billion or 1.65 million contracts was fixed. Put options made up 44.99% of the total open interest for these contracts. The 145.000 strike calls and 135.000 strike puts had the highest open interest.

The total investors' open interest measured in options on the RTS index futures increased by 18.98%.