Rating is actual on 16.08.07

Greater part of the last month

(July) the Russian stock market demonstrated steady and rapid growth.

Activity of participants in a great deal was determined by extremely favorable external news background and attractive prices for shares of the Russian issuers, looking underestimated in the beginning of

the summer.

For the last month the main indicator of the Russian market of shares grew for 5.07%, having reached to the end of

auction session on July, 31 the level of 1993.96 points (1897.70 points to the end of June). However, during this period the RTSE index succeeded to show more substantial raise (2091.26 points), which became an absolute historical maximum. The MIEM Index looked not worse.

Having added more than 4% for a month, that almost in two times exceeds growth (2.42%) for seven first months of year, he reached the level 1734.42 points. A historical maximum on the MIEM index in July was also renewed. Now he is on the level of 1807.28 points.

A few external and internal factors became the reasons of such imposing results. The main are, in opinion of experts, high oil prices and positive dynamics on the American grounds. In addition, to the beginning of the month, prices for shares of most Russian issuers looked extremely favorable to the purchases.

In one hand, the at the beginning of the summer almost all the most liquid shares appeared to be underestimated, and to the beginning July this potential was not exhausted.

In another hand, positive tendencies observed on world stock grounds, high prices of feedstock provided interest of investors to the underestimated shares.

Indeed, during the last month, according to the data presented in the report of RTSE, on the classic market of shares more than 6 thousand transactions were concluded, in a general volume of almost $1.4 billion, while in June the amount of transactions was only 4 577, and the volume hardly exceeded $1 billion.

As for 80 the largest Russian brokers wishing to disclose their stock turnover, their general volume on RTSE and MIEM made almost $101 billion. Month before this index was a little bit less than $84 billion.

First place in rating is still occupied by the «Brokercreditservice company», which turnover in July made $12.1 billion. On the second place there is «Finam» with the index of $11.8 billion. «Troika Dialogue» closes the three of leaders, the turnovers of this company exceeded $ 8.6 billion last month.

Most probably, results in August will be much more modest. The crisis at the market of the mortgage crediting of the USA threw into confusion the players, who prepared for growth.

The Russian market of shares in the nearest time will tend to

the mark of 1800 points by the RTS index.

To the end of the summer or even the beginning of the fall the market will continue going down.

In such situation, it’s better to “be out-of-bounds”, that will not obviously reflect on the increase of volumes of auctions.