Actuality September, 05, 2007

The RTS Index went down by 1,13% to 1904,76 points, the classic market volume is $52,8 million. The analyst explains it by the decline in

the futures for the fund indexes of the USA, by little correction of oil prices and fall

in exchange of ruble

for dollar. The American futures went down at expectations of weak activity in business sector index statistics (ISM Index). According to the analyst, by the only idea that was at the market yesterday was the expected play with the RAO UES of Russia s

tocks after TGC-5 and IGC-5 separation.

Many expected that correction in the RAO UES of Russia stocks would make about 6%, but it did not happen.

Since the very opening shares were sold for 3% less than the stock exchange closed the day before, preserving these levels to the end of

day.

On the MICEX common and preferred stock of RAO lost 3,17% and 3,64% respectively. Stocks of the “Norilskij nickel” went down by 1,58%, Saving Bank — by 1,56%, “Surgutneftegaz” (“Surgut oil and gas”) — by 1,74%, “Rosneft” (“Rusoil”) — by 1,45%, “Lukoil” — by 1,2%, “Gasprom” — by 1,16%. One more negative moment for the companies of oil sector was the report about the increase of export duty of oil which reached a record figure, as Mr.

Shagov notes.

The published figures on the ISM index practically coincided with prognoses.

The acceptable figure of index confirms the moderate pace of development of the American economy, in spite of the problems in mortgage industry in the country.

“It means that it is possible to expect the positive closing of the American exchanges and growth of domestic stocks on Wednesday morning”.

On the MICEX dollar rate grew relative to ruble.

Partly that was provoked by stabilizing of “the American” on the international market, partly by demand for dollars on the internal market.

As a result dollar grew in relation to the basket of currencies approximately by 7 kopecks, and to ruble — from 25,59 to 25,73 rub./$.

A pair euro/dollar, having started the day with $1,362/euro, fell below the psychological level of $1,36/euro. Market participants are concerned about that European Central Bank will leave the rate without changes on Thursday, instead of making it up, as it was calculated before.

In a money segment volume of operations of direct repo went down sharply, however there is still high demand for ruble, the federal funds rate made 4,5-5,5% interest per annum.