Sale has started. We recommend that you leave in the cache.
Even yesterday afternoon, our stock market showed the first signal of weakness, had failed by day, more than 1.5%. However, immediately after the opening on Tuesday, our markets have covered the wave unmotivated sales. The process of strengthening the dollar, triggered a collapse in prices today in the oil market, which only deepened the movement of our market down. Indexes MICEX and RTS day losing more than 3% each.
It seems that the major part of investors willing to reduce their positions in the paper and go to the dollar. If the first transaction of the dollar on the MICEX were held today, at a price of 31.10, the dollar had for dinner potyazhelel to 1.6%, rising to a mark 31.57 rbl. Notably, investors do not stop caring for the currency, even a period of tax payments, which traditionally increases the demand for the ruble.
Thus, a neutral external background, we had the morning to dinner already replaced the bright red color. Moreover, neither the tension around the nuclear weapons in North Korea, nor the weak data on the economy of Germany, may not be an excuse to drop a market which we received today. Apparently, such a strong technical factors, as «double peak» in the index reinforces the desire of market participants to go into the cache. Symbolic level, this needs to be marked 970 points on the MICEX index.
MMC NorNikel (-4.5%) now closes the register of shareholders. However, demand for these securities, because of annual dividends from the company, no one is waiting. Rather, yesterday's bad reporting only to bolster sales. Incidentally, Goldman Sachs analysts believe investors should increase investment in the company of the mining sector, believing that the worst period for the commodity demand is over.
I think that the Russian stock market indices to the end of the day can go to lower levels, so our current recommendation - the cache. We continue to monitor the situation on the currency market.
Potavin Alexander
Principal Analyst IR "ITinvest"
(495) 933-32-32 ext. 226
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