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RF trading floors slump continues, RTS index falls to 1299 points

October 03, 2011, 15:57 UTC+3

The basic blue chips are also traded in the red, falling by an average of 3 percent

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MOSCOW, October 3 (Itar-Tass) — Russian trading floors on Monday are traded in the red zone. The RTS index after 11:30 MSK fell to 1299 points, “breaking” the psychological mark of 1300 points. The MICEX index by 11:45 MSK dropped by 1.73 percent to 1342.8 percent.

The basic blue chips are also traded in the red, falling by an average of 3 percent. In the currency trading the US dollar’s average weighted rate to the Russian rouble for tomorrow settlement at the MICEX Single Trading Session (STS), according to which the Central Bank sets the official rate, by 11:30 MSK Monday rose by 47.90 kopecks to 32.5890 roubles. Thus, the dollar reached the peak of August 2009. The euro at the STS rose by 4 kopecks to 43.41 roubles.

In the view of analysts of the Baltic Financial Agency, the sharply negative trends of the external markets, which are still determined by the news from the Euro zone, caused the Russian indices’ decline at the beginning of the session. If there is no unexpected external positive trend during the day, the MICEX index may fall to the annual minimum of 1300 points.

The fall of the Russian market is caused by contradictory statements of politicians coming from Europe over the weekend that on Sunday were crowned by the news that the draft budget of Greece for 2012 approved on Sunday envisages a deficit of 8.5 percent of GDP, while under the recent financial assistance agreements it shall not exceed 7.8 percent of GDP. Against this background and following Friday’s decline in the United States, the Asian stock indices begin the quarter with a sharp decline of the euro/dollar rates at this January’s lows, and the price of Brent Crude dropped below 102 US dollars a barrel.


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