19 May 2004 04:33
Market unfazed by latest onslaught against Yukos
MOSCOW. May 19 (Interfax) - The stock market was generally unfazed by the fresh onslaught against Yukos.
Yukos slid 4.4% to $9.7 a share by noon on the Russian Trading System (RTS) following the latest notification of
potential default by lenders on a $1.6-billion export credit 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.
Yukos fell 4.2% to 284.12 rubles a share on the Moscow Interbank Currency Exchange (MICEX).
But the rest of the market was unaffected and Yukos shares themselves soon started to correct up.
There were drops of 0.6% for Unified Energy System (UES), 1% for
Norilsk Nickel, 0.6% for Mosenergo, 0.3% for Rostelecom and 1% for
Sberbank on the RTS by midday, but gains of 0.5% for Lukoil, 1.1% for
Ultimately, benchmark stocks moved by no more than 1.1% either way on the RTS.
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 past.
In general, the market is trying to settle at the levels it has now reached and speculators are deciding their
tactics, looking at the world's stock market indices, oil prices and the situation with Eurobonds for guidance.
Surgutneftegas and 0.8% for Tatneft.
Classical trading volume on the RTS was $7.642 million, including $3.112 million in direct transactions. MICEX volume
was 5.6 billion rubles.
Gazprom shares traded on the St. Petersburg Stock Exchange gained 0.7% to 55.73 million rubles with 5.751 million
shares changing hands.
The composite S&P/RUX index fell 0.73% to 750.35 in rubles and 0.57% to 154.22 in dollars. The RTS index was down
0.58% to 154.22 while the MICEX stock index gained 0.19 to 560.18. [RU ASIA EUROPE EEU EMRG STC CRU TEL ENR BNK INSI]
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