Monday was good for stock market, SKB-Bank says

‘The state of the market today proves that a serious downfall is always followed by recovery. The business closed at 1,469.15 points on Friday, which was over 1,000 points below mid-May’s figures. On Monday, however, the market soared thanks to the long-awaited good news regarding Fannie Mae and Freddie Mac’s nationalization procedures,’ SKB-Bank’s Trading Operations Director Evgeniy Batuyev said to UrBC.

‘What is more, the market was further stimulated by the gradual reassessment of the North Caucasus conflict’s impact on Russian economic climate through both a number of official commentaries and off-the-record remarks,’ he added.

Evgeniy Batuyev feels Monday was a very good day for the business, as indices stuck within the 1,511-1,528 points range.

‘I wouldn’t say I’m over-optimistic about the further growth, though, we might be in for another drop, as a matter of fact. This would fit in some of the market dynamics theories,’ he explained.


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