The butterflies have arrived

Speculators inflated the Russian stock market

Speculators ruled the Russian stock market yesterday. Thanks to them, the daily turnover on the MICEX amounted to 83 billion rubles. ($2.95 billion), which is a historical maximum for the entire existence of the exchange since March 1997. At the same time, during the session, trading in Mosenergo shares was suspended on the RTS due to a price drop of more than 10%, and on the MICEX - Rostelecom, on the contrary, due to an increase of more than 20%. “Butterfly shares have appeared on the Russian market, which grow against the movement of other quotes by crazy percentages for no apparent reason,” says Maxim Shein, head of the analytical department of BCS. -- Rostelecom became one of these “butterflies” yesterday.

During trading on the MICEX, a record number of transactions with securities were concluded - 150.5 thousand. The most active transactions were concluded with shares of RAO UES of Russia, LUKOIL, Sberbank, Norilsk Nickel, Rostelecom. The latter's shares became the “heroes of the day” - they soared by more than 10% on high volume. “The reason most likely lies in the area of ​​liquidity,” says Mr. Shein. -- A sharp upward move in liquid stocks causes a series of short coverings, which pushes prices higher even further. It is unlikely that the demand came from market participants who learned some things before others." According to him, this is clearly a speculative movement. This attention to Rostelecom provoked demand for shares of regional telecoms; they grew by 2-4%. But analysts believe that this will not last long. “For almost 2.5 years, the price of Rostelecom’s shares has been in the range of 45.8-76 rubles, now technical analysis shows that it can overcome the resistance level and reach the level of 89 rubles,” says a trader at Finam Investment Company. Oleg Alyamkin. -- This fact stimulated speculators who began to actively buy Rostelecom. According to him, if Rostelecom's quotes had been influenced yesterday by insider information about shifts in the privatization of Svyazinvest, it would have led to a more active growth of quotes.

Another “star” yesterday was the shares of Mosenergo. On the RTS, trading on them was suspended for an hour due to a drop of more than 10%, but the security managed to win back this fall. “The correction of these shares seems to be a completely logical end to the speculative euphoria that has lasted since the fall of last year,” says Mr. Alyamkin. -- Shares of the company on the basis of which TGK-3 will be formed are traded on stock exchanges under the Mosenergo brand, and, according to our estimates, the current price of its shares significantly exceeds the fair level of $0.08 (currently the price is $0.14 . - Ed. )".

In the near future, the market will remain highly volatile, analysts say. The speech of the new Chairman of the US Federal Reserve Service, Ben Bernanke, should help determine the direction of further movement, they say at Zerich Investment Company. By the time the issue was signed, it had not yet taken place.

Gyuzel GUBEYDULLINA