Russian assets for the days of the war became the cheapest in the world

After the publication of the statement of Dmitry Medvedev on the recognition of the independence of South Ossetia and Abkhazia on August 26, the MMEVB index lost 5.8%, RTS - 6.10%. By evening, stock indicators partially played a decrease , although there were no obvious reasons for the growth of indices, Kommersant believes.

Russian assets have become the cheapest in the world, experts say. According to the Renaissance Capital, the ratio of market capitalization to the predicted profit of issuers for 2009 is at 6.1, while in mid -May this indicator was 9.4. According to the estimates of the Troika Dialogue, during the “Yukos case” period, this coefficient was higher-at the level of 8.5, and in the crisis of 1998-2002-at the level of 7.

Now the risk of investing in Russia in the eyes of investors has reached maximum heights, analysts believe. If relations between Russia and the West continue to deteriorate, rating agencies will begin to revise the sovereign ratings of Russia.

"The tension in relations with the West, due to the recognition of the independence of South Ossetia and Abkhazia, is currently not threatening the sovereign rating of Russia, but the escalation of the conflict can lead to a deterioration in Russia's image in the eyes of foreign investors," Fitch experts believe.

An increase in tension can lead to a deterioration in lending conditions for Russian corporate borrowers.

Only two factors can restrain the Russian market from an even stronger collapse now, according to analysts. The first - if Russian companies begin the reverse ransom of their papers from the market. Novatek, and then Norkel, announced this opportunity. Funds for this are now possessing the oil and gas and metallurgical sector companies, and they can take this opportunity to avoid further losses.

The second possible script is state support. There is no global buyer in the Russian market, and if the state will not help the market with the current threats of isolation policy, the negative can manifest itself in other sectors and lead, first of all, to reduce real estate prices, experts say.

The state support due to the interventions of budget funds by buying assets for the balance of state banks was felt on August 26: the appearance of a large player in the market indicated an increased amount of trading.