market growth hinders overbought
On Monday, Russia's stock market is consolidating in the immediate vicinity of the maximum values of the past week. The MICEX index rising by 15-30 at 0,35%, while the RTS index by strengthening the ruble exchange rate has flied up on 2,75%. In general, our indexes are ready to be higher, but so far this prevents the growth of their local overbought.
After a small and brief profit-taking, in our market is maturing a new wave of growth. We associate it with the irrepressible desire of investors to invest in risky assets on the background of a weak dollar. But the strongest theme of this summer is all the same: out of the world economy from the crisis. The fall of the markets last fall was very strong, no less strong and must be rebound. Apparently so large shareholders do not hasten to sales, while speculators deduce stock quotes on all higher levels.
After Friday's rally in oil securities, the sector is somewhat overbought. In view of the stabilization of oil prices, I think, in the near future we will see the resumption of demand in the securities of the banking sector: Sberbank of 1,6%. Very good prospects are also paper MMC Norilsk Nickel (0.1%) to the resumption of demand in the sector of non-ferrous metals in London: copper 0.7%, nickel 2.2%.
top gainers on our exchanges confidently hold shares of AvtoVAZ (18%) and KAMAZ (13%). Rostehnologii Corporation intends to establish a joint holding company on the basis of 25% stake in AvtoVAZ, KAMAZ shares 37,8% and 30% stake in the plant Avtodizel. We note with great skepticism regarding the establishment of such industrial monsters, knowing that, as a rule, such structures have a low economic efficiency, which is against the background of low demand for their products will be only able to effectively go to the state for new loans and guarantees.
I think that before the end of the day, our market continues to consolidate at current levels, but tomorrow will be a correction of more tangible.
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