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Experts view fall in Russian stocks as logical
RBC, 01.07.2008, Moscow 17:20:59.The Russian stock market is expected to see a further downward technical correction over the next two weeks, experts told RBC TV. Among the factors that may influence the market is the anticipated release of financial statements by foreign banks, which are expected to announce new write-offs. However, there is a probability of some positive news, such as an increase in Russia's rating outlook, which could drive Russian stock indices higher, analysts say. The publication of US labor data scheduled for July 6, as well as the upcoming release of interest rates by the ECB, are also expected to affect the Russian market's dynamics. Experts believe that, even if the RTS index slides below 2,250 points, it will not drop below 2,225 points. Meanwhile, Gazprom shares are likely to rise to RUB 440 (approx. USD 18.79) soon and may even start climbing as early as today. As of 4:15 p.m., the MICEX index was down 2.85 percent at 1,703.76 points, and the RTS index was down 2.12 percent at 2,254.5 points. Among MICEX's top losers were Gazprom (down 3.48 percent), Surgutneftegas (down 3.84 percent), Sberbank (down 3.8 percent), and Norilsk Nickel (down 2.65 percent). Also on MICEX, Sberbank preferred shares plunged 5.06 percent. On the RTS, Norilsk Nickel fell 2.58 percent, Gazprom dropped 3.64 percent, and Severstal plummeted 3.99 percent.
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