19 May 2004 04:29
Stocks climb, despite latest onslaught against Yukos
MOSCOW. May 19 (Interfax) - The stock market was generally unfazed by the fresh onslaught against Yukos and shares
continued to climb after a short hesitation in the morning.
As of 2:00 p.m., Moscow time, on the RTS, blue chips were up 0.6%
to 3.5%. Yukos, however, was down 2% to $9.95 on the RTS and 2.4% to
The market heard the latest notification from Yukos lenders of potential default on a $1.6-billion export loan and
news of a raid at the oil major's head office in connection with the alleged non-payment of taxes by the
Samaraneftegaz subsidiary.
past.
Judging by the market's reaction to the Yukos news, investors were
289.5 rubles on the MICEX.
Yukos shares tumbled on Wednesday morning in what was probably an emotional reaction. Traders said the market was
used to events like this. All possible risks have been factored into Yukos's share prices and the market does not
react as nervously as it might have done in the
High oil prices provide good support for Russian stocks and
fluctuations of one or two dollars no longer play a major role,
not scared off and after a local slide, most share prices climbed, said Alexei Nikogosov of Veles Capital. "The
market is likely to climb further in the near future, even despite pricey rubles - there is money from previous selling.
In addition, technically most blue chips have gone over resistance level, after which hints for new buying
appeared," he said.
On the RTS, prices were up 3.5% for Unified Energy System, 0.9% for
Norilsk Nickel, 2.2% for Lukoil, 0.6% for Mosenergo, 1.4% for
"The time was right for a correction last week, but investors were afraid to buy because of constant selling.
Now the idea of approaching 650-655 points on the RTS index is beginning to influence the market," he said.
There is no especially bad news from international markets right now, said Pavel Lebedev of Olimpiyskiy bank.
"Oil prices are still high, western and Asian markets are growing, and there have been gains in the Eurobond
sector. All this favors speculative buying," he said.
Nikogosov said.
Rostelecom, 2% for Sberban, 2.1% for Sibneft, 2.6% for Surgutneftegas, and 3.4% for Tatneft.
Among the second tier shares, Transneft preferred shares climbed 3%.
Trading volume was at $14.939 million on the RTS (including about $5.269 million in direct deals), and was 12.046
billion rubles on the MICEX.
Gazprom shares on the St. Petersburg exchange were up 1.6% at 56.22 rubles in volume of 9.932 million shares.
The S&P/RUX composite ruble index was up 0.73% to 761.38, and the index in dollars added 0.89% to 156.49.
The RTS index rose 0.55% to 623.22 points.
The MICEX composite increased 1.87% to 569.54. [RU ASIA EUROPE EEU EMRG STC CRU TEL ENR BNK INSI] pr me
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