On Wednesday, Russian stocks opened 1.5% in the red, with panic sentiments of investors sparked by a retreat in crude futures and fresh all-time lows hit by US benchmarks. As of 1:00 pm Moscow time Sberbank (-2.4%) was the days lead decliner, with oil plays also looking shaky: Lukoil lost 2.2%, Surgutneftegaz tumbled 1.8% and Tatneft dropped 1.7%. As Wednesday is a traditional bearish day in Russia, a rebound is hardly expected. It looks as though liquid names will trade at the current price levels.
Sergey Dorogavtsev, Asset Manager, Finam Investment Company
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[Source: Russian Stock Market Blog]
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