On August 28 an upward trend continued on the stock market of MICEX, a MICEX expert pointed out. The MICEX index grew by about 1.41 percent to 476.59 points yesterday. The total trade volume was some 9bn rubles (about $295m), which was the average daily volume this month. Practically all blue chips performed a noticeable advance yesterday. Common stocks of RAO UES added 2.11 percent, LUKoil surged by 0.94 percent, Surgutneftegas jumped 2.73 percent and YUKOS surged by 1.33 percent. So, by the end of the day the majority of blue chips returned to the level they were at on August 25, the beginning of the week.
Yesterday's growth had several important peculiarities, the expert thinks. It occurred amid the remained deficit of liquidity in the banking sector, since overnight credits did not drop below 7 percent. Stocks were traded amid a noticeable decrease in Brent oil prices (a 2-percent drop). The ruble lost RUR0.11 against the dollar and the dollar rate exceeded 30.50 RUR/USD. Moreover, although corporate news background was favorable on August 28, it was not enough strong to trigger an increase in all securities.
So, yesterday's advance was either a massive speculative play for a rise before the expected rally on September, or it was the last attempt of speculators to bring the market higher to fix profits.
A further growth on August 29 will mean that the first supposition is true and the market will enter new price levels over the next few days. If share prices drop today, the second supposition is true, the analyst stressed.
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