Market Analysis

MICEX index decreased by 0.7%. Gazprom and trying to rise against the telecom market

MICEX index decreased by 0.7%. On the morning of subsidence on the market were more deep - up to 1400 points (about 1.5% reduction on the levels of the closure Friday). But for dinner minus was significantly reduced due to the growth of stock price of Gazprom (0.6%), demonstrating objectively better dynamics in the oil and gas sector. Apparently, gas holding accounts for 3 square. 2009 g IFRS still revived investor interest in the securities of the company. All the rest of the "oil industry" today lose from 1% to 2% against the background of night falling futures for Brent. In the second echelon again rapidly growing share of the regional telecoms (adding 3% to 9%), although no news on the sector does not go. 3 days ago, held out the top of the consolidation of shares Uralsvyazinform (4%) continues to recover the losses, raising the entire telecommunications sector.

We continue to recommend to stay out of the market for the vast majority of "blue chips" (except for banks, MMC Nornickel and, possibly, Gazprom), noting that a very unfavorable technical picture of the world"s major stock indicators and raw materials. This evening, waiting for data on expenditures and income of consumers in December (16.30 Moscow time), and January"s ISM Manufacturing (18.00, Moscow time, 55.5 points). However, after a number of key macroeconomic data, surpassed analysts" forecasts, was ignored by the market, is unlikely to positive investor response to today"s figures. We look forward to continuing to reduce the U.S. share market to the 200-day moving average on the S P500 (1013 points, -5.5% from current levels) and even a 2% fall on deepening Brent. Accordingly, we recommend to wait and see if and bribing any of the "chips" - so this is the most powerful names (VTB, MMC, IDC Holding, Gazprom).

Indexes in Europe have grown on 0,8-1,4% on good reporting companies, statistics from the U.S.
Shares of Gazprom - one of the few leading papers that are now traded in the market better
In the near future Russia"s stock market will stabilize and continue to rise
Dmitry Medvedev approved the DOCTRINE food security RF
Asian stock markets continue to decline against the background of data on industrial production
Overview of the oil market for 29.01.10
Entry into force of the treaty on the transfer of banking data to the U.S. authorities
Russia"s GDP up to 2009 declined by 7,9%
Umansky Framed Tymoshenko

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