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Russian stock market

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The results of September, 10

MICEX Index as low as 1114,67 (-3,75%), RTS index dropped to 1334,33 (-4,36%). Again leaders of decline are securuties of financial companies. Oil and gas stocks also closed in minus.
Strengthening dollar is an incentive of sell out of energetic securities.
There are no evident trends towards growth, though light change is possible.
 
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Stock market review, September, 15
The results of the trading day, 12 September: MICEX index grew up to 1137,76 (+6.03%), RTS index – to 1341,75 (+3.36%).
Securities of the rough sector were in excellent position. Gazprom shares increased as 7,09%, Lukoil – as 11,18%, Rosneft – as 2,88%. Growth of these quotes was provided by the increase of oil futures on September, 12. Considerable growth of telecommunication, metallurgical securities was the feature of the trading day.
At the same time we think that Monday will be opened by the down gap. Investors will be searching for the entry moment for the market. In the view of short term actions we recommend to initiate short positions for oil and gas and bank branches. In the middle of the week we expect a new turn of shares’ increase.
 
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Does anyone else think the Russian stock market currently looks undervalued based on its very low price to book and cyclically adjusted p.e. ratio (CAPE/SCHILLER P.E.)?
 
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