On Wednesday, the external background at the time of opening of tenders in the Russian market appeared neutral, the eve of the U.S. indices again fell, but prices of oil and commodities have been stable. Open with little gepom down the main blue chips back to yesterday's closing levels - but only to the end of the first half of trades confidently turn down following the renewed decline in oil futures opened on the negative territory of the European sites. Aggressive decline continued until about the middle of the trading, after the MICEX index mark 1 050 items indexes moved in a narrow and volatile outset. Large block of macroeconomic data released in the United States in 16:30, has also been mostly negative, due to close by the end of the trading Russian indexes still updated minima of the day - however, the potential one-day decline was already noticeable extent exhausted, and a significant acceleration of the fall has not happened . MICEX Index at the end of the trading amounted to 1 039.43 points (-5.46%), the RTS Index -4.05% to 1 038.41 points.

leading indicators decline in the sector in the MICEX index was the metallurgical MICEX MM 6,03%. During the period of optimism paper sector grew faster than the improvement of the situation on the metals market, and now has been adjusted. The greatest reduction in shares Raspadskiy (-10.99%) and MMC Norilsk Nickel (-7.48%). It looked stock steel industry, a decline of -5% to -7.5%. Steadily looked shares PolyusZoloto (-1.8%), although the price of gold has almost no reaction to a marked deterioration in sentiment in the equity markets.

oil and gas sector index MICEX OG -4,62%.

leading the fall, not only in the sector, but also among all Russian blue chips have become Gazprom shares have lost -8.03% against the backdrop of a series of negative news. First, the Deputy Chairman of the Board Alexander Ananenkov said at a press conference on the possible postponement of the crisis dates Kovyktinskogo deposit at a later date. Secondly, it was announced that Gazprom and China not uspeyut to begin deliveries of Russian gas to China in 2011. But perhaps the most significant negative factor was the proposal of the Ministry of Finance to increase the tax rate for natural gas in 2010. It is no coincidence that the second-fastest fall in the sector has become Novatek, -6.73%. Oil paper looked a bit better, however, drop their quotations in the 2 - 6% at stable prices for oil, which is already moving in a week rather narrow outset in the region of 70 dollars per barrel, we believe, reflects investors' concerns covered in the short term markets shares. On the positive territory, only completed prefy Transneft (3.33%).

Shares of Sberbank continues to confirm the reputation beginning to emerge core chips Russian market, ordinary shares yesterday fell to 6.64%, preferred cheaper at 5.88% on the already habitually high speed. At 5.67%, and decreased quotes VTB. Index MICEX FNL -4,58%.

Telecom is also in the red, but losses on average, less than the market, the index of MICEX TLC -2,88%. On neutral territory - Rostelekom shares (0.49% obychka, prefy -0.53%), paper MRK lost within 5%, worse than just obychka Uralsvyazinform (-5.96%). In our view while sector, albeit with some stretch, can be called protective - but one must bear in mind that the terms of the restructuring of Svyazinvest - the main medium-term driver for the sector - has not yet been identified, and not the fact that they will be attractive to minority MRK.

In the electricity industry draws on a relatively small negative on the most liquid securities, RusGidro (-2.11%) and FGC UES (-4.75%) - and, consequently, a moderate decline in the sectoral index: MICEX PWR -2, 73%. At the same time, the less liquid securities have suffered a substantial loss. For example, the wholesale generating companies, except for the WGC-5 (-1.65%), lost by 5.5% or more, the maximum decline in the shares of OGK-3 - 8.51%, showing a high risk of committing the short-term speculative purchases this sector.

Expectations for today: mostly negative situation in the external capital markets (the failed attempt on the growth of American markets yesterday, the strong fall in Asia today) is offset by a more stable situation on the commodity markets, including in the oil market, supported by ongoing attempts to strengthening of the euro on the FOREX and reports of rebel attacks on oil pipelines in Nigeria.

Yesterday's data on the stocks of the United States have been mixed, crude oil stocks fell by 3.87 million barrels (expected to decline by 2 million barrels), but the inventory of gasoline rose by 3.38 million barrels (forecast an increase only 550 thousand barrels). We expect that Russia will begin the day with the attempt to win back some of yesterday's losses, but during the day do not rule out a resumption of correction, the next goal for which in this case 1000 points seen on the MICEX index.

In the positive zone remain some oil shares, supported by still high oil prices
Correction on Russian sites vydohnetsya early next week
Strongly prosest Russian market not established the price of oil close to $ 70 a barrel
The situation on the foreign sites remains relatively stable
Today on the Russian stock market is expected small increase in the main indices
It is possible that during the session, the MICEX and RTS indexes fell below 1000 points
Today at the Russian sites is expected to continue the negative dynamics of
Shares IDC Volga now overvalued relative to the analogs
Today on the Russian stock market is expected to multidirectional changes in quotations of securities