27 April 2004 06:50
Yukos shares push RTS below 665 points
The RTS fell 3.21% over the day to 664.24 points.
Yukos shares fell 6.3% in the RTS to $11.48 per share, and gained
4.7% from Monday to 335 rubles on the MICEX. This is due to the
MOSCOW. April 27 (Interfax) - Yukos stocks, which fell significantly in price due to the likelihood of a default on a
$1 billion credit to Western banks, brought other liquid stocks down on Tuesday, pushing the RTS below 665 points.
difference in the length of the trading sessions on the exchanges: Yukos shares fell on the previous day on the
MICEX, losing 10% of their value - this was after the RTS had closed and followed an announcement that a syndicate of
foreign lenders had served the oil major with a Potential Event of Default notice on a $1 billion loan.
The main reason for this is a demand from the Russian Tax Ministry against Yukos for 99.376 billion rubles in taxes,
and also a ruling from the Moscow Arbitration Court from April 15, banning the sale of company assets.
An announcement by Standard & Poors, which Tuesday said it revised the implications of the CreditWatch status on
its 'CCC' long-term ratings on the oil company to negative from developing in view of the lenders'
notice, added to the misery for Yukos.
Dealers said the market had reacted emotionally to the Yukos news, but that the slide would not turn into a crash.
The slide also gave speculators a good chance to close short positions, and attempts to bid prices up again are likely
later in the day.
"In the few trading days left until the May holidays the market is
likely to test 650 points on the RTS as a level of support, but the
Alexander Pankov, a trader for Antanta Capital, told Interfax "some cautious buying has been going on since the
morning. The fact the market did not fall as much as it could have in the circumstances indicates that investors did not
have too many long positions. Many are standing by. As far as Yukos is concerned, the market has a special way of
dealing with news about the company, and negative events do not cause any panic," Pankov said.
Zenit analyst Sergei Suverov said Yukos would not be able to pay its tax bills or lenders out of its profits, despite
high oil prices.
"Shareholders in their desperation have invited the experienced Viktor Gerashchenko onto the board. He knows how
to speak a common language with foreign banks and the authorities. But this is not likely to pacify the state machine,
which is methodically, calmly changing the company's owner, irrespective of what the West and Russian liberals
think. The events of recent weeks show that Yukos in its present state is doomed, and those who have invested in its
shares have clearly underestimated the risks," Suverov said.
bears will have to try hard to get the market to surrender first time," said Alexander Pankov.
"In general, the time for new purchases has not yet come, and there is no point rushing," Pankov said.
On the RTS, quotes were down 3% for Unified Energy System, 2.5% for Norilsk Nickel, 2.1% for Lukoil and Mosenergo,
1.1% for Rostelecom, 6.3% for Sibneft, and 2.6% for Surgutneftegaz.
A wave of second-tier sales hit the market on Tuesday, which also led to a drop in quotes. Quotes fell 2.9% for
Sibirtelecom, 7.6% for Severstal, 2.8% for CenterTelecom, 6.1% for Northwest Telecom, 3% for Uralsvyazinform, 9.6% for
Chelyabinsk Pipe Rolling Mill, 4.2% for Far East Shipping and 12.2% for Izhstal.
The MICEX index rose 1.28% to 607.52.
[RU ASIA EUROPE EEU EMRG ENR CRU STX INSI BNK LOA WEU ELG MET NGS E]
Classical market trading volume was $43.967 million on the RTS - $21.265 million of it in direct transactions - and
MICEX volume was 18.343 billion rubles.
Gazprom shares on the St. Petersburg Stock Exchange gained 0.2% to 59.9 rubles with 22.536 million shares traded.
The S&P/RUX composite index fell 2.42% to 810.23, with the index in dollars off 2.54% to 166.5 points.
pr rd
[Interfax] |
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