MACROECONOMICS.

The State Duma at the meeting on Wednesday approved five members of board of directors of the Central Bank of the Russian Federation (according to RIA NOVOSTI).

In structure of board of directors were appointed the chief accountant of the Central Bank of the Russian Federation - director of Department of book keeping and the reporting of the Central Bank of the Russian Federation Lyudmila Gudenko, the vice-president of the Central Bank of the Russian Federation Konstantin Korishchenko, the vice-president of the Central Bank of the Russian Federation Victor Melnikov, the chief of Central administrative board of the Central Bank of the Russian Federation over St.-Petersburg Nadejda Savinskaya, the chief of Moscow main territorial management of the Central Bank of the Russian Federation Konstantin Shor.

According to the same agency RUXX index (Russian Industrial Leaders Index) on results of the tenders on October, 17th grew 0,13 % and made 675,48 points.

The index is calculated since January, 1st, 2006 in US dollars and is accessible in world trading systems since February, 1st, 2006. Initial value of the index made 500 points.

On results of the tenders on Tuesday, on October, 17th, the American stock indexes decreased 0,2-0,8 %. DLA Index dipped 0,26 - up to 11950,02 points. S&P 500 index went down 0,37 % and reached 1364,05 points. NASDAQ Index reduced 0,8 %, having made 2344,95 points.

On results of the tenders on Tuesday, on October, 17th the European stock indexes decreased within the limits of 1,15 %. FTSE 100 index was down 1,03 % - to 6108,6 points. CAC 40 index dropped 1,1 % and made 5302,99 points. DAX 30 index went down 1,15 % - to 6115,1 points.

RUXX represents a summary economic index of the Russian companies, whose payment tools (shares, depository tools) are placed at the largest world stock exchanges (New York Stock Exchange, London Stock Exchange, Nasdaq, AMEX). The index is calculated by a principle of weight according to exchange capitalization of the market on the 24-hour working day which comes to an end at 17.30 on New York time. Values of the index are published daily at 17.55 on New York time in system of Dow Jones ITC 2.1 data feed, Chicago Board of Trade (CBOT). Changes of capitalization and weights of shares in the index happen quarterly.

Now the index includes papers of 21 Russian companies, which trade abroad and passed last listing: the Vimm-BILL-Dann (NYSE), Mechel (NYSE), Gazprom (LSE), LUKOIL (LSE), NOVATECH (LSE), Rambler Media Group (LSE), MTS (NYSE), Rostelecom (LSE, NYSE), Vympelcom (NYSE), AFK System (LSE), Golden Telecom (Nasdaq), Surgutneftegaz (LSE), Norilsk nickel (LSE, Nasdaq), Mosenergo (LSE, NYSE), Novolipetsk metallurgical combine (LSE), RAO "United Energy Systems" (LSE, NYSE), STS Media (Nasdaq), Pyaterochka (LSE), Comstar (LSE), Rosneft (LSE), Cherkizovo Group (LSE).

MARKET’S GENERAL ESTIMATION.

In first half of day on Wednesday in the Russian stock market players preferred not to undertake active actions before an issue of the important macroeconomic data over the USA, particularly - September indicators of consumer prices and housing market. On their basis FRS further actions concerning the federal funds rate will be predicted. As a result, positive news from the USA (parameters of inflation were below expected) affected essentially  the market - MICEX index raised 1,71 % up to a mark 1 448,47 points by the moment of closing. RTS index after falling the last day was up 1,05 % and was fixed at 1626,40 points.

Due to positive information from the published financial report for II quarter of current year and presentation of strategic development of LUKOIL sharers of the company rose 2,58 % on MICEX. Other oil-and-gas companies were also in a positive zone: Rosneft (+ 3,22), Surgutneftegaz (+1,41 %), Gazprom (+1,94 %), Tatneft (+1,69 %), Gazpromneft (+0,3 %). Stock quotations of the companies of telecommunication sector showed low results: MGTS became the leader of falling (-4,18 %); Northwest Telecom (-1,39 %), Rostelecom (+0,22 %), Uralsvyazinform (+0,47 %).

Other "blue chips" finished day on MICEX as follows: Norilsk Nickel (+2,00 %), RAO "United energy Systems" (+1,79 %). The volume of the tenders on MICEX made $ 2977,99 million.. In classical section of RTS a turnover exceeded value of the last day more than twice and was fixed $60,97 million. Besides the American statistics the most significant factor remain world oil prices, which expect OPEC official decision on decrease in production of raw material by 1 million barrels at a meeting in Qatar on Thursday.

GAZPROM.

"Gazexport" (100 % branch of "Gazprom") for January-August, 2006 increased export of the Russian natural gas by 24.17 % up to 141.43 billion cubic meters in comparison with a similar parameter 2005 (113.9 billion).

So, volume of the Russian gas supply in the far abroad made 104.09 billion cubic meters of gas, that is 0.51 % more than a corresponding parameter a year ago (103.56 billion cubic meters).

Including to the Western Europe gas deliveries decreased 0.71 % up to 73.78 billion cubic meters. In particular, to Austria for January-July it was delivered 4.33 billion cubic meters (4.42 billion cubic meters for the similar period 2005, reduction of 2.04 %), to Germany - 26.97 billion cubic meters (27.59 billion cubic meters, decrease - 2.23 %), to Italy - 14.58 billion cubic meters (14.19 billion cubic meters, growth of 2.74 %), to France - 7.08 billion cubic meters (8.8 billion cubic meters, falling of 19.54 %), to Switzerland - 0.24 billion cubic meters (0.25 billion cubic meters, decrease on 4.07 %), to the Netherlands - 3.26 billion cubic meters (2.88 billion cubic meters, growth of 13.04 %), to Finland - 3.1 billion cubic meters (2.9 billion cubic meters, growth of 6.85 %), to Turkey - 12.42 billion cubic meters (11.63 billion cubic meters, growth of 6.77 %), to Greece - 1.65 billion cubic meters (1.5 billion cubic meters, growth of 10.54 %), to Belgium - 0.16 billion cubic meters of gas (0.16 billion cubic meters).

Shares of the joint-stock company are firmly kept in a price corridor 10,5-11,0. Recommendations remain former - we keep purchases from 10,5 - stop at a line of entrance.