09 June 2004 11:57
Most stocks slide as ideas run out
Lukoil was an exception, with a climb of 2.1% to $27.76 on the RTS
and 0.8% to 802.34 rubles on the MICEX, following news that
MOSCOW. June 9 (Interfax) - Growth ideas ran out on the Russian stock market as the benchmark RTS index approached
600 points and most shares dropped by up to 2%.
ConocoPhilips plans to buy a 7.6% stake in the company.
The MICEX composite fell 1.22% to 537.08.
The news about ConocoPhilips provides a good stimulus for the
Attempts by Lukoil management to expand the authority of
independent directors will have a good influence on minority
Lukoil's climb pushed up the main stock indexes. The RTS index climbed 0.62% to 589.70 points.
The S&P/RUX composite ruble index climbed 0.74% to 730.77, and the index in dollars added 0.78% to 150.07.
held talks with the Economic Developmetn Ministry.
The interest shown in the Lukoil shares stirred some gains in the
entire stock market and the fact that the government stake in Lukoil is likely to be sold in one lot will not
dissolve the amount of shares traded. The price for the government stake, amid favorable conditions, could exceed $30
per share, which will encourage the shares to go up to at least this level, analysts say.
shareholders, said Anatoly Kaplin of the Aton brokerage.
auction. It will be good for the market if the government package is
sold in the west in one lot because the shares will remain with a
No specific agreements about when and how the government's stake in Lukoil will be sold have been reached yet,
but ConocoPhilips has already
"Lukoil is one of the best oil companies in Russia and its shares
have almost caught up with Yukos in terms of influence on the rest of
the market. The RTS stock index will be calculated by a new method
starting July, which will take into account the amount of shares
morning, but this came to nothing due to a lack of ideas on the market, Yegor Krotkov, equities manager at Trinfiko,
said.
The market growth that has dominated over the past few days has
come to a stop and time will show which way the market will turn. The
600 points mark on the RTS index is a powerful and important level of
"It is difficult to say whether Lukoil shares will climb to $30 - in the last experience of a Lukoil asset sale
the shares fell before the
strategic investor and will not go out on the domestic market," he said. "If the package is split and sold
to Russian investors they will try and make a profit from the purchase and put the shares out on the market immediately,
which will inflate the shares and lower quotes," he added.
On the RTS, prices went down 0.9% for Unified Energy System, 0.4%
for Norilsk Nickel, 0.5% for Sberbank, 0.9% for Sibneft, 0.8% for
floating freely and I think that Lukoil will have an influence of about 30% on this indicator," said Alexei
Nikogosov of Veles Capital said.
resistance and it is not possible to immediately beat it, he said.
"The market is gradually distancing itself from Yukos - the reaction of other shares to news of court hearings
on Yukos tax debts is no longer so considerable," Ivan Dorofeev of Olimpiyskiy bank said.
Tatneft, and 1.8% for Yukos (to $8.05), while the rest of the blue chips remained unchanged.
Trading volume totaled $16.83 million on the RTS (including $7.942 million in direct deals), and 15.748 billion
rubles on the MICEX.
Gazprom shares on the St. Petersburg were almost unchanged at 56.83 rubles in volume of over 21.044 million shares.
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