Russian stocks have been seeing a wide range of fluctuations for the second session in a row. While yesterday we witnessed a 2% pullback, today liquid names have posted 2% gains. The growing subprime market crisis in the US continues to impact other international markets and Russia is no exception. Todays star performers have so far been Surgutneftegaz (+1.9%) and Sberbank (+1.5%), whereas Tatneft (unchanged), Wednesdays top advancer, has been underperforming the market. The last month of the summer season is coming to a close and we are hopeful that the market will start looking up in autumn.
Sergey Dorogavtsev, Asset Manager, Finam Investment Company
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[Source: Russian Stock Market Blog]
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