Analysis

	Russian Stock Market Summary as of February 13th, 2008.

The “blue chips” growth started already on Monday morning.  There was no news from abroad so the players started to carefully fill their portfolios. Though last week the closing took place with the low RTS index of 1,870 points, the current index growth of up to 2,000 points inspires reserved optimism. Nornickel shares have grown by over 2,200 rubles since January 22nd and are now at the level of 7,140. There is still a potential further growth, but it’s not so significant, so the purchases form the current levels seem belated.  However, upon downfall to the level of 6,570 purchases are quite reasonable. Gazprom shares tested the support at 280 rubles and drastically got up in price. The current price comprises 307 rubles per share. The nearest goal is 318 rubles. Rostelecom shares dropped sharply last week to 265 rubles, but even the general negative background did not make this development turn into a full trend.  The securities have also got up in price drastically and remain at 280 rubles. The confirmed breakthrough of this level will set new goals of 288 and 295 rubles.  The price of Gazpromneft securities is at the upper level of the downward trend. Upon a break through the133 rub. level the situation may be seen as a local turn upwards.  Surgutneftegas did not fall below the dramatically important level of 20 rubles and after a rapid growth to 25 rubles, again started its downward movement. This time the purchases started even earlier - at 21 rubles and the current price of the shares is 23.4 rubles. The further growth is accounted for by the general situation in the Russian market. So far the goal of 25 rubles seems quite achievable, but it’s too early to talk about a full turn upwards and formation of a trend.  In relation to these securities there is only one piece of advice - to stay out of market.  There are less than three weeks before the presidential elections, thus a strong downfall is not likely. After March 2nd the market will start growing with a better stability. And before that we are going to experience trading within the range.  And this time the range is oriented upwards, though not so distinctly.