Analysis

	Russian Stock Market Summary for the week of October 22nd – 26th, 2007.

The general trend is supported by the purchase by the investors of Gazprom shares, which have been trading up during the whole week and whose price can soon grow to over 300 rubles. The growth is also supported by the record prices for crude oil, gold and industrial metals. So the trading of the resource enterprises shares is expected in the plus.
The European markets are growing with the American, though the latter are getting nervous.
The growth drivers are expectations of the rates reduction at the USA GRS meeting on Wednesday, October 31st. The nervousness is usually characteristic of stock market bubbles.
Gazpromneft shares look quite perspective, their growth makes us expect a near break through the 120 rub. barrier.
Sberbank looks worse than the market. The downward goal is 105 rubles. It is too early to speak of the trend turn for these shares as major investment companies are already lowering their rates.
In general, the market is expected to continue its growth, which is supported by the world situation – bubble growing and dollar devaluation.