11 June 2004 02:50
Yukos continues to push market down
MOSCOW. June 11 (Interfax) - The stream of bad news about Yukos continues to push the Russian stock market down and
by mid-session on Friday the benchmark RTS index had dropped to 560 points, its level at the start of June.
The RTS index fell 1.22% to 564.70 points.
There are no serious investment ideas on the market and even gains
As of 2:00 p.m., Moscow time, on the RTS, blue chips were down 0.8% to 3.1%. Yukos was down 4% to $7.2 on news about
problems with company creditors and after the Tax Ministry announced the dismissal of the judge hearing the Yukos case
against the ministry.
U.S. markets are closed Friday because of the burial of former
president Ronald Reagan so the Russian market loses liquidity and
"Problems with cash liquidity before the long weekend are not
helping matters - few want to hold on to shares. There is money on the
on western stock indexes and for Russian ADR are not able to rustle up demand before the long weekend.
External factors such as the withdrawal of funds from all emerging
markets is also having some impact on the market, said Alexander
movement guidelines.
Two major western banks (UBS of Switzerland and Societe Generale of France) announced they are no longer Yukos
creditors and the Tax Ministry announced the dismissal of the judge, which had a negative impact on Yukos and the rest
of the market, said Alexei Khmelenko of Uniastrum bank.
prices already reflect a 0.25 percentage point hike, but with the
increased likelihood of a 0.5 point rise, sales began to grow on
market, but the mood is nervous because banks are closing limits on each other. The gap between loan costs for large
and small banks did narrow somewhat toward the end of the week," he said.
Baranov, an asset manager at the Prospekt brokerage. "There are sales on all emerging markets, including in
Russia, where the most popular shares in nonresident portfolios are being sold first of all: Lukoil, Yukos, Sberbank,
Surgutneftegas, and Rostelecom," he said.
Foreign investors do not have a large amount of Gazprom shares in
their portfolios and there is not much selling in this sector so the
The expected rise in U.S. interest rates is another reason for the drop in prices, said Ivan Dorefeev of Olimpiyskiy
bank. "Share and bond
emerging markets," he said.
Nickel.
Trading volume was at $7.391 million on the RTS (including $3.295
"Low liquidity on the market and a lack of trust among banks is only intensifying this process, especially as
anything could happen over the upcoming long weekend," Dorofeev told Interfax.
shares are remaining afloat for now, Baranov said.
On the RTS, prices were down 1.1% for Lukoil, 1.9% for Mosenergo, 3% for Sberbank, 3.1% for Sibneft, 1.4% for
Surgutneftegas, and 0.8% for Tatneft, but up 0.4% for Unified Energy System, and 1.9% for Norilsk
million in direct deals), and 7.291 billion rubles on the MICEX.
Gazprom shares on the St. Petersburg were down 0.7% at 56.2 rubles in volume of over 9.862 million shares.
The S&P/RUX composite ruble index slid 1.21% to 704.55, and the index in dollars was off 1.24% to 144.59.
The MICEX composite slid 0.83% to 525.85. [RU ASIA EUROPE EEU EMRG STX MET ENR ELG TEL E BNK INSI] me
[Interfax] |
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