11 June 2004 05:49
Yukos pushes market down
MOSCOW. June 11 (Interfax) - Most shares dipped 0.4% to 1.5% with Yukos leading the way, losing 8%, and pushing the
market back to levels seen two weeks ago.
Yukos sales increased 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.
Yukos fell 7.9% to $6.91 on the RTS and 7.7% to 202.7 rubles on the MICEX. The shares have slumped almost 20% over
the past three days and over 50% since April, when the decline began.
"Problems with cash liquidity before the long weekend are not
helping matters - few want to hold on to shares. There is money on the
There were no serious investment ideas on the market Friday and even gains on western stock indexes and for Russian
ADR could not 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
U.S. markets were closed Friday because of former president Ronald Reagan's funeral, so the Russian market lost
liquidity and 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.
and 0.8% for Tatneft, but up 3.1% for Sibneft (to $2.68) and 3.9% for
Norilsk Nickel.
"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 went down 0.4% for Unified Energy System, 1.5% for Lukoil, 1.3% for Mosenergo and Sberbank, 0.6%
for Surgutneftegas,
The RTS stock index dropped 0.85% to 566.83 points.
The MICEX composite slid 0.75% to 526.24.
Trading volume totaled $16.191 million on the RTS (including $7.21 million in direct deals), and topped 17.1 billion
rubles on the MICEX.
Gazprom shares on the St. Petersburg went down 2% to 55.48 rubles in volume of over 19.294 million shares.
The S&P/RUX composite ruble index fell 1.26% to 704.23, and the index in dollars was off 1.29% to 144.52.
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