04 June 2004 06:49
Most stocks end the week down
Blue chips fell 0.2%-1.9% on the RTS, and the largest decline
was in MMC Norilsk Nickel shares, which fell 6.1% to $47.5 per
MOSCOW. June 4 (Interfax) - An upswing noted on the Russian stock market on Friday morning against a backdrop of
favorable domestic news did not live up to the hopes of the bulls: in the second half of the day a new wave of sales
began, caused by rumors of a possible bank crisis in Russia, and the week ended with price decline for most blue
chips.
The exception on the market was Unified Energy System of
Russia, with common stock up 1.2% to 26.45 cents per share and
share. This company's shares were sold due to unimpressive figures in the company's report for last year.
The company's shares have lost about 25% in value over the past two weeks.
preferreds - up 3.6% to 23 cents.
UES rallied after Deputy Economic Development and Trade Minister Andrei Sharonov said the economy ministry had
drafted and planned to introduce new legislation regulating large share purchases in a bid to protect minority
shareholders' rights.
In addition, the government approved the economy ministry's proposals for selling wholesale generating companies
at special cash auctions.
"The market needs to stand a little, and the overriding trend
at present is a lateral one," said Uniastrum trader Alexei
Antanta Capital trader Alexander Pankov told Interfax that UES could hit 30 cents a share before long if the auction
rules state shares as well as cash can be used at the special auctions. "With this idea the market grew, taking all
other instruments with it," Pankov said.
Meanwhile, nervousness on the market due to worries about a possible banking crisis, caused by rumors about alleged
blacklist banks at which searches and document seizures are planned, caused a drop in quotes across the board by Friday
evening. The halt in the activities of two credit organizations - Sodbusinessbank and CreditTrust - increased the
concerns of market participants about a problem at other banks also, and brought to mind the bitter experience of
Yukos
By the close of trading the RTS quoted Lukoil down 1.3%,
Mosenergo - down 0.2%, Rostelecom - down 1%, Sberbank - 0.6%,
On the whole, the market still has an air of uncertainty about it, and it is unclear which way prices will go.
Khmelenko. "I think the market needs to fall once more before it grows," he said.
"There's less likelihood the market will grow than there is of it declining next week," Pankov
said.
Sibneft -1.9%, Surgutneftegas - 1.6%, Tatneft - 0.8% and Yukos - 0.9% to $7.48 per share.
Classical trading volume on the RTS was $32.727 million, including $14.89 million in direct transactions. MICEX
volume was 16.431 billion rubles.
Gazprom shares traded on the St. Petersburg Stock Exchange fell 0.3% to 55.5 rubles, although they reached 56.3
rubles (+1.1%) during trading, with 23.57 million shares changing hands.
The composite S&P/RUX index fell 0.68% to 704.59 in rubles and 0.8% to 144.38 in dollars.
The RTS index fell 0.55% to 567.49 points and the MICEX stock index fell 2.54% to 522.29. [RU ASIA EUROPE EEU EMRG
STX MET ENR ELG TEL E BNK INSI] pr rd
[Interfax] |
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