The Russian equities market monthly roundup
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MIBA
The last week of August posted positive equity growth, thus ending the whole summer months stocks trading in the ‘plus zone,’ a positive trend that signaled the possibility of a better autumn ahead, as most CEOs of the nation’s blue-chip corporations returned to work from their summer vacations.
Thus, according to trade volumes, the RTS-1, the index that tracks the performances of the blue chips on the RTS Exchange, surged by 3.72% to 1089.46, while a similar index in the second-tier market – RTS-2 – also rose by 5.38% to 976.73 points. This strong activity pushed up the trading volume to Rub213.5bln ($6.8bln).
However, events were not that rosy at the MICEX, as its consolidated MICEX Index dropped 2.01% to 1088.96. Broken down, its Large Cap Index went down by 2.09% to 1771.67, the Mid Cap Index dipped by 1.49% to 1580.23, while the Start Cap Index dropped 0.69% to close the month at 2540.89 points. The volume of trading dropped to Rub107.47bln ($3.4).
Forex volatilities continued unabated as the U.S. dollar gained 0.13% on the ruble at the end of the month. This forex instability, together with the mixed dynamics on the nation’s top bourses, indicated that the future is not that ‘cloudless’ after all, especially given the fact that the depressive basic market fundamentals and the key problems that had incited the current global crisis in the first place have not been totally solved, despite the multinational international efforts by countries and corporations to tackle the issue.
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