Economy / Russia
If you would like to subscribe to Emerging Markets Monitor and gain instant access to this article, please click here to subscribe.
If you would like to take a trial to Emerging Markets Monitor please click on the trial link below.
Stocks: Testing Support At 1,725
August 2008 | Market StrategySorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
If you would like to subscribe to Emerging Markets Monitor and gain instant access to this article, please click here to subscribe.
If you would like to take a trial to Emerging Markets Monitor please click on the trial link below.
The benchmark Russian RTS equity index (RTSI) has continued its downtrend, hitting our short-term target of 1,725 on August 11. Recent downside momentum owing to tightening local credit conditions and weakening global energy prices has been reinforced by deteriorating foreign investor confidence alongside the escalation of military conflict between Russian and Georgian forces in Georgia. The index is now testing a medium-term support level at 1,725, a firm breach of which would be suggestive of renewed losses toward the next key support level at 1,400.