02 March 2004 02:45
Gains slow on stock market
MOSCOW. March 2 (Interfax) - The stock market continued to grow Tuesday, but the pace slowed when the benchmark RTS
index neared 700 points as investors began to doubt their strength.
The RTS index went up 0.58% to 692.72 points.
High oil prices and good news from the ADR sector for Russian oil
As of 2:00 p.m., Moscow time, on the RTS, most blue chips were up 0.5%-1.3%. Norilsk Nickel led the way, climbing
3.9% to $75.05 amid a new rise in prices for nonferrous metals (for example, platinum reached a 24-year high of over
$900 per troy ounce).
Despite the general good mood among investors, the market is not
yet ready to push forward to 700 points on the RTS index, said Ivan
companies is supporting the market, Yegor Krotkov, equities manager at Trinfiko, said.
On the RTS, prices were up 0.5% for Unified Energy System, 1.3%
for Lukoil (to $29.12), 1.2% for Tatneft, and 0.6% for Yukos (to
"The market neared 700 points on the RTS index and Russian investors are already sluggish about purchase
opportunities. Although there is no serious selling, there is little desire to enter the market at the current price
levels," he said. "However, any more or less noticeable drop in quotes will be used by speculators as a reason
to buy because there is a long of money hanging around the market."
The market has entered a risk zone where the chance of 10%-15% correction is becoming very considerable, analysts
from Bank of Moscow said. Norilsk Nickel still has growth potential and its shares may see the best results in March.
Ferrous metal companies, which have so far ignored the surprise rise in prices for steel roll to over $400 per tonne in
February, should be noted. The companies that stand out are Novolipetsk Metallurgical Combine, Severstal, Nizhny Tagil
Metallurgical Combine, and Mechel. Among the oil companies, Sibneft and Surgutneftegaz look very expensive. Lukoil still
has some potential and may top $30 after which there may be some large-scale profit taking, Bank of Moscow analysts
said.
Dorofeev of Olimpiyskiy bank.
$12.91), but down 0.6% for Rostelecom, 0.6% for Sberbank, 0.3% for Surgutneftegaz, and 2.5% for Tatneft preferred
shares. Mosenergo and Sibneft were unchanged.
Trading volume was at over $24.246 million on the RTS (including $16.042 million in direct deals), and 9.75 billion
rubles on the MICEX.
Gazprom shares on the St. Petersburg exchange were up 0.4% at 56.29 rubles in volume of 18.036 million shares.
The S&P/RUX composite ruble index climbed 0.31% to 815.65. The index in dollars added 0.3% to 170.47.
The MICEX composite was up 0.39% at 609.09. [RU ASIA EUROPE EEU EMRG STX MET ENR ELG TEL E BNK INSI] me
[Interfax] |
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