| The RTS index reached a historical high The main indicator of the Russian stock market, the RTS index, reached yesterday its maximum value in the history of its existence - 573.85 points, breaking the previous record - 571.66 points, set on October 6, 1997. According to analysts of investment companies, there is no need to be afraid of a repeat of the situation of 1997-1998, when the Asian crisis gripped the world financial markets. Experts believe that in the near future the market will continue to grow as long as demand for oil company securities exceeds supply.
The RTS Index, one of the main indicators of the development of the domestic securities market, has been calculated since September 1, 1995 based on the prices of the most liquid shares traded on the RTS stock exchange. This happens every half hour throughout the trading session (from 12.00 to 18.00) based on data on transactions concluded on the RTS with the most liquid securities.
Yesterday, the stock indicator increased by 1.28% compared to the previous closing value and amounted to 573.85 points with a trading volume of $26 million on the classical market. The leaders in growth and influence on the index were shares of oil companies: Yukos shares rose by 1.9%, LUKOIL by 0.3%. Surgutneftegaz grew very strongly - by 4.1%. Since the beginning of the year, the RTS index has grown by 44.7%.
According to traders, after reaching the historical mark, speculators could begin to take profits, which would lead to some downward correction in stock prices. However, this same correction can happen today. Stock analysts assessed the situation calmly. In their opinion, there is no need to fear a repetition of the financial crisis and default (in 1997-1998 the stock market also experienced rapid growth). “No matter how investors feel about the market at this moment, one thing is obvious: the situation in the country is radically different from what it was in 1997,” says Maxim Shein, head of the analytical department of the investment company BrokerCreditService. -- Our leaders in capitalization are different now. In my opinion, we should not consider reaching the historical maximum a turning point. The market reached this level for a long time and gradually, relying on fundamental indicators. Further upward movement now depends on “second-tier” shares, since the growth potential of “blue chips” is small. Therefore, investors will be even more selective in their decisions.”
Alexey Bachurin, head of the exchange operations department of IFC Metropol, believes that the market will grow further: “It (the market - Ed. ) has grown due to LUKOIL and Surgut, and in the coming days this trend will continue. Demand for oil seriously exceeds supply, and I don’t see any prospects for stopping growth yet.” Alexey ROZHKOV |
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