Russian stock markets are in positive zone
In July, the Russian stock market showed a positive dynamics. Over the period from June 26 to July 20, 2012, the MICEX index has grown by 6.4% (by 5.9% from May 24, 2012 to June 25, 2012), while the volume of trading in securities included in the MICEX index reached Rb 59bn.
The Russian stock market growth in July was promoted by both, domestic and external factors.
Among the external factors there is the decision of the EU summit to take counter measures against the debt crisis in the Eurozone, as well as the upgrading the short-term rating of the Russian Federation by Standard & Poor to A-2 level.
However, while in June there was an overall growing dynamics in all sectors of the Russian stock market, in July, due to the increasing expectations of further global crisis aggravation, the positive trend was replaced by a volatile dynamics. Herewith, additional pressure on the Russian stock market was provided by the US FRS downgrading forecast for the national economic growth, expectations of further ruble devaluation in summer and autumn of this year, and the growing domestic and foreign debts of the Russian Federation from the beginning of the year.
If we talk about the growth leaders and outsiders, in the period from the beginning of the year through July 22, 2012, the "blue chips" growth leaders were Tatneft and Sberbank, which increased by 21% and 13.5% respectively, and the leaders of the downfall were Rostelecom and Mosenergo, depreciated by 23.1 and 22.8%.
Note that in general, in July growth was observed in the markets of developed countries and emerging economies, which increased by 2.8%, and 1-4%, respectively. The exception was the Asian region. Thus, the markets of Japan, China and South Korea have decreased by 1-2% under the impact of poor macroeconomic statistics.
Among the external factors there is the decision of the EU summit to take counter measures against the debt crisis in the Eurozone, as well as the upgrading the short-term rating of the Russian Federation by Standard & Poor to A-2 level.
However, while in June there was an overall growing dynamics in all sectors of the Russian stock market, in July, due to the increasing expectations of further global crisis aggravation, the positive trend was replaced by a volatile dynamics. Herewith, additional pressure on the Russian stock market was provided by the US FRS downgrading forecast for the national economic growth, expectations of further ruble devaluation in summer and autumn of this year, and the growing domestic and foreign debts of the Russian Federation from the beginning of the year.
If we talk about the growth leaders and outsiders, in the period from the beginning of the year through July 22, 2012, the "blue chips" growth leaders were Tatneft and Sberbank, which increased by 21% and 13.5% respectively, and the leaders of the downfall were Rostelecom and Mosenergo, depreciated by 23.1 and 22.8%.
Note that in general, in July growth was observed in the markets of developed countries and emerging economies, which increased by 2.8%, and 1-4%, respectively. The exception was the Asian region. Thus, the markets of Japan, China and South Korea have decreased by 1-2% under the impact of poor macroeconomic statistics.
N.Yu. Burkova, Researcher, Monetary Policy Department