On Friday, the decrease in domestic stocks, which weve witnessed throughout the week, has slowed down. For the record, since mid-July, i.e. within just a month, the RTS Index has given up around 13% and there is only one reason for this the crisis on the US subprime mortgage market, which is gradually spilling over into the global financial world.
Todays top advancers have been Rostelecom (+2.3%) and Surgutneftegaz (+1.2%), with bank shares still underperforming the market. Today Sberbank took another 0.8% drop. Right now its not possible to predict how things will unfold in coming days, as all eyes are on the US and its problems. The future of other financial markets will depend on how fast American authorities will manage to cope with the imminent crisis.
Sergey Dorogavtsev, Asset Manager, Finam Investment Company
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[Source: Russian Stock Market Blog]
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