Tom Mundy, Equity Strategist, Renaissance Capital.
“Typically, we have a very quiet summer in Russia, the volumes are very weak, and that’s definitely the very case this year. As we come out with the final quarter of the year, volumes due tends to pick up, trading activity picks up in January, historically the market tends to rally. So, most of the gains of investors tend to be towards the end of the year. So, yes, we’re starting to see that dynamics right now, we’re starting to see fund flows coming back and we’re starting to see volumes pick up.”
Vladimir Savov, Head of Research, Otkritie
“Private investors in Russia have started trading a lot on their own account rather than using mutual funds or similar structures to invest in the market. So, the Russian money is here, it’s very active in the Russian market, but the extra money that we want to hope will drive the markets higher will probably be foreign money.”
Igor Prokhaev, Vice President Troika Dialog
“Unfortunately, we don’t see this global liquidity, which is very good, in the Russian market. The inflows into Russian funds or Russian oriented funds are very, very low. So, we’re still trading sideways in a range, and, unfortunately, I don’t see right now the major drivers for the Russian market to break through the upper level of this range. The market is expecting the results of the 3rd quarter, corporate news from American markets, first of all, and, what I hear from clients, there is the growing concern that the biggest results will be back.”