Russian stocks go on sinking

The trade on the Russian stock market opened with most highly liquid stockssinking. Within the first few minutes of trade on the Moscow InterbankCurrency Exchange (MICEX) the majority of stocks dropped 0.5-0.8 percent.As things stand, despite a neutral closing of the US stock market on August9, a flabby downward correction will continue on the Russian stock markettoday, which is the more probable since S&P and NASDAQ futures arecurrently down. Considerable events are unlikely to take place on theRussian stock market today and tomorrow, and investors will be anticipatingnews from the US. According to Sergey Suverov, an analyst of the Zenit Bank, last week'smarket rally had a wobbly basis: the rumor about the reduction of thebanking rate and the IMF's credit to Brazil. "The news pattern will changethis week: disappointing data on the US industrial production is due onThursday, while the banking rate issue has lost its weight for investors,since previous reductions did not have any effect", the expert believes.Another negative factor, according to the expert, is related to thepossible bankruptcy of US Airways. "According to our estimate, the marketremains bearish, while Russian stock holders have a nice chance to fixprofits now if we bear in mind the evidently negative macroeconomicsituation. Stocks will probably rally in October, after the situation inBrazil gets clear", the expert said. .

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