Research Notes

Market gifts

15.09.08

A massive sell-off in Russian shares since mid-July has sent stock indices falling to their June 2006 levels. Since the start of the third quarter, or in less than two months, the RTS index has lost 42% of its value, having plunged by more than 46% from its peak. The massive sell-offs, and the virtual absence of buyers on the market, have resulted in several signs of market inconsistency, which might be of interest to investors.

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Sectors:  Financial sector, O&G, Telecommunications, IT, Power Utilities, Heat Generation
Companies:  Wholesale Generation Company 3 of the Electricity Market, , Surgutneftegas, VTB Bank

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