Rouble, stocks up after worst one-day fall in 6 weeks

Среда, 2 ноября 2011 11:29 MSK

* Rouble rebounds after heaviest sell-off since mid-Sept
    * Oil prices remain supportive
    * Stocks rise, await more news from Greece and U.S.

    By Andrey Ostroukh	
    MOSCOW, Nov 2 (Reuters) - The rouble firmed versus the dollar and stocks
rose at Wednesday's opening after showing the worst daily fall in six week as
the global risk aversion faded but uncertainty around Greece bailout remained in
    The Russian central bank's decision to raise 2011 capital outflow forecast
to $70 billion, up from the latest official government forecast of $50 billion,
also dented investors' sentiment towards Russia, although steady oil prices at
around $110 per barrel remained supportive for the market.	
    By 0645 GMT, the rouble firmed 0.4 percent to 30.67 versus the dollar after
hitting 30.99 a day ago .	
    Export-focused companies have helped the rouble recover by selling dollars
at nominally high levels at around 31 per dollar, said Igor Akinshin, a dealer
at Alfa bank.	
    The rouble was flat versus the euro at 42.14 and firmed 0.15
percent to 35.83 versus the euro-dollar basket , the currency market
benchmark for the central bank.	
    "The fact that the basket did not rise much higher than 36 rouble shows the
market is not panicking and sees no reason to take more long positions in
foreign currencies," said Akinshin.	
    "I don't see massive negative factors for the rouble right now," he said,
adding the market will again focus on Greece after the country called for a
referendum on a European Union debt bailout plan.	
    The U.S Federal Open Market Committee (FOMC) meeting will be also watch for
clues on steps the world's largest economy will take to restore its fragile
financial system.	
    The dollar-traded RTS index rose 1.56 percent to 1,508.1 points and
the more liquid rouble-based MICEX added 1.51 percent to 1,478.3 points
after falling nearly three percent the previous session.	
    "The upside potential of the market is very substantial. We expect the MICEX
index at around 1,650 points in early December," analysts at Zerich Capital
Management said in a note.	
    The debt market could also recover to levels seen before the U.S. rating
downgrade in early August, taking yields of Russia's 30-year benchmark Eurobond
further down from 4.35 percent .      	
 Russian Markets                      Latest      Net       %    Change 
                                                Change  Change   on year
 MICEX                        1478.30     22.01    1.51   -12.42 
 RTS                         1508.12     23.14    1.56   -16.30 
 London ADRs                839.86    -39.83   -4.53   -14.98 
 Emrg Mkt Indx              970.73      2.04    0.21   -15.69 
 MSCI Russia          299.78     -0.13   -0.04    -9.33 
 Sberbank                  79.00      1.80    2.34   -24.17 
 VTB                          0.07      0.00    1.85   -28.76 
 Gazprom                    177.96      3.16    1.80    -8.03 
 LUKOIL                    1760.40     20.20    1.16     1.06 
 Rostelecom                 158.01      0.61    0.39     1.45 
 Dollar/Rouble          30.69     -0.11   -0.35     0.40 
 Euro/Rouble            42.13     -0.01   -0.01     3.51 
 Rouble basket                35.84     -0.06   -0.17     2.02 
 DEBT                                    Bid       Ask    %Rtn    Coupon
 Russia 10-yr bond          8.64      8.03    0.55      7.60
 MONEY MARKET                            Bid       Ask   Close          
 Overnight rate               4.75      5.25    4.25          
All data taken from Reuters at 0645 GMT	
 (Reporting By Andrey Ostroukh; Editing by Kavita Chandran)