OREANDA-NEWS. In April 2013, the Russian stock market reflected the negative trend. The MICEX Index was down 3.66% to 1,385.88 points (1,438.57 points as of Mar. 29, 2013) and the dollar- denominated RTS Index fell by 3.62% to 1,407.21 points (1,460.04 points as of Mar. 29, 2013).

For the last month, the U.S. Dollar went up by 0.84% against the ruble.

The stock market volatility increased last month with the Russian Volatility Index rising by 18.85% to 20.74 points (17.45 points as of Mar. 29, 2013).

Last month most of the key economy sectors represented on the Russian stock market behaved negatively. The largest downturn was reported by the electric utilities with the relevant sector index falling by 15.39%. A significant decrease was also shown by the industrials and the oil and gas with the relevant sector indices down 11.93% and 5.22%.

The RTS Standard, the Blue Chips Index, decreased by 3.83% to 9,392.15 points (9,766.50 points as of Mar. 29, 2013).

Second-Tier Stocks Indices reflected the negative trend. The ruble-denominated MICEX SC Index depreciated by 7.77% to 3,040.13 points (3,296.30 points as of Mar. 29, 2013). The dollar- denominated RTS-2 Index lost 9.22% reaching 1,322.96 points (1,457.25 points as of Mar. 29, 2013).

MICEX & RTS Indices, the main indices of the Moscow Exchange

In April 2013, the Russian stock market reflected the negative trend. The MICEX Index was down 3.66% to 1,385.88 points (1,438.57 points as of Mar. 29, 2013) and the dollar-denominated RTS Index fell by 3.62% to 1,407.21 points (1,460.04 points as of Mar. 29, 2013).

At the end of the month, the MICEX Index was 5.95% lower than a year ago (1,473.50 points as of Apr. 28, 2012), the RTS Index was 11.72% lower than a year ago (1,593.97 points as of Apr. 28, 2012).

Last month's decrease of the RTS Index was accompanied by the increase of volatility levels, when the Russian Volatility Index RTSVX was up 18.85%.

Trading volume of securities included into the Moscow Exchange Indices' list of constituents amounted to RUB 638.50 billion, and the market capitalization of the Indices' constituents amounted to RUB 18,881.55 billion.

At the end of the month, 37 constituents of the MICEX Index list were pushing the Index down (minus 4.21%), and 13 constituents behaved positively (plus 0.54%).

On the sector level, the major negative impact was made by the oil and gas (minus 2.53%) and the electric utilities (minus 0.76%).

The most negative impact on the MICEX Index was mainly due to the falling prices for ordinary shares of GAZPROM (minus 1.12%), Rosneft (minus 0.48%), and NOVATEK (minus 0.26%). The most positive impact on the MICEX Index was coming from the price increase of the ordinary shares of Magnit (plus 0.34%), NLMK (plus 0.05%).

The most negative impact on the RTS Index was mainly due to the falling prices for ordinary shares of GAZPROM (minus 1.12%), Rosneft (minus 0.48%), and NOVATEK (minus 0.26%). The most positive impact on the RTS Index was coming from the price increase of the ordinary shares of Magnit (plus 0.34%), NLMK (plus 0.05%).

The oil and gas sector accounted for 51.19% of the MICEX Index total capitalization. The other large weight sectors were the financials (19.12%) and the metallurgy (8.31%).

Blue chips Index

In April 2013, the ruble-denominated RTS Standard, the Blue Chips Index, showed a negative trend.

The RTS Standard Index was down 3.83% to 9,392.15 points (9,766.50 points as of Mar. 29, 2013). At the end of the month the RTS Standard was 6.89% lower than a year ago (10,086.75 points as of Apr. 28, 2012).

At the end of the month, 13 out of 15 securities included into the RTS Index constituent list were pushing the RTS Standard down (minus 3.92%), and two constituents behaved positively (plus 0.09%).

The most negative impact on the RTS Standard Index was due to the falling prices for ordinary shares of GAZPROM (minus 1.39%) and Rosneft (minus 0.62%).

The positive impact was due to the rising prices for ordinary shares of Sberbank of Russia (plus 0.09%) and Rostelecom (plus 0.001%).

The oil and gas sector accounted for 56.37% of the Blue Chips Index total capitalization. The other large weight sectors were the financials (23.24%) and the metallurgy (7.39%).

Second-tier Stocks Index

In April 2013, Second-Tier Stocks Indices reflected the negative trend. The ruble-denominated MICEX SC Index depreciated by 7.77% to 3,040.13 points (3,296.30 points as of Mar. 29, 2013). The dollar- denominated RTS-2 Index lost 9.22% reaching 1,322.96 points (1,457.25 points as of Mar. 29, 2013).

At the end of the month the MICEX SC Index was 18.15% lower than a year ago (3,714.15 points as of Apr. 28, 2012). The RTS-2 Index was 28.38% lower than a year ago (1,847.31 points as of Apr. 28, 2012).

At the end of the month, 41 out of 50 securities included into the RTS-2 Index constituent list were pushing the Index down (minus 10.30%), and 9 constituents behaved positively (plus 1.08%).

The most negative impact on the RTS-2 Index was mainly due to the falling prices for ordinary shares of IDGS of Centre (minus 1.15%) and FEScO (minus 1.06%).

The most positive impact was due to the rising prices of Chelyabinsk Zinc Plant (plus 0.30%) and PROTEK (plus 0.25%).

The most negative impact on the Second-Tier Stocks Indices was mainly due to the falling prices for securities of the electric utilities (minus 4.32%) and the industrials (minus 1.78%).

The electric utilities sector accounted for 37.03% of the RTS-2 Index total capitalization. The other large weight sectors were the consumer goods & retail (12.02%) and the industrials (11.97%).

Debt Market

The Russian Government Bond Index (RGBI, total return) was up 2.66% to 141.33 last month (137.67 points as of March 29, 2013). The yield to maturity of the securities being the part of the calculation formula was down 28 basis points to 6.36%.

The Municipal Bond Index (MICEX MBI TR, total return) showed the positive trend and reached 171.69 growing by 0.93% (170.11 as of March 29, 2013).

The total return value of the MICEX Corporate Bond Index (MICEX CBI TR) was up 1.06% to 232.06 points. The yield to maturity of the securities being the part of the calculation formula was down 22 basis points to 7.93%

The conservative investment strategy tracking the last month pension index could have resulted in a gain of 0.95% per month. The aggressive investment strategy based on the pension index could have brought a loss of 1.52% per month.

The bond overnight repo rate was up 28 basis points (from 6.10% to 6.38%). The equity overnight repo rate was up 31 basis points and equaled 6.30%.

Index Derivatives

In April 2013, the total trading volume in index futures and options on the Moscow Exchange Derivatives Market equaled RUB 2, 982.86 billion or 35.10 million contracts.

Last month's trading volume for the most liquid contract on FORTS, futures contract on the RTS Index, amounted to RUB 2, 605.21 billion or 30.77 million contracts.

The RTS Index futures contract traded in backwardation last month. By the end of the month the RTS Index decreased 3.62%, while the June and September futures contracts were down 2.84% and 2.79% respectively.

The total investor's open interest measured in RTS Index futures increased by 17.96%.

During the month the trading volume in futures contract on the MICEX Index was RUB 24.05 billion or 176.70 thousand contracts. Open interest in the contract on the MICEX Index increased by 26.25% for the month.

Trading volume in options on RTS Index futures totaled RUB 352.45 billion or 4.15 million contracts last month. Open interest of RUB 121.93 billion or 1.45 million contracts was fixed. Put options made up 46.51% of the total open interest for these contracts. The 145.000 strike calls and 135.000 strike puts had the highest open interest.

The total investor's open interest measured in options on the RTS index futures increased by 32.07%.