15 June 2004 05:40
Yukos slumps, takes market down
As of 2:00 p.m., Moscow time, Yukos shares were down 11.7% to $6.1
on the RTS and 12.6% to 177.35 rubles on the MICEX, the same level as
MOSCOW. June 15 (Interfax) - Yukos shares, which were down 12% by mid-session Tuesday, took the rest of the market
down with them and pushed the benchmark RTS index down to 550 points.
The shares slumped as the market reacted to news that Yukos
management had written to the government asking for tax debts to be
prices at the end of January 2002.
restructured by unblocking Yukos assets. Yukos said it would be able to clear about 70% of its tax debt this year, if
assets were unblocked. There was also news that the company is considering a new share issue so that the sales could be
sold for debt.
Other shares fell 1.7% to 5.5% on the RTS and the RTS stock index dropped 3.77% to 545.48 points.
The rest of the market is feeling the pressure of sales, although not as aggressively as Yukos, Antanta Capital
trader Alexander Pankov told Interfax. The bears are in charge and the time has come when only bad news has any impact,
while investors have almost no reaction to good events, he said.
With the start of hearings for former Yukos chief Mikhail Khodorkovsky and major shareholder Platon Lebedev on June
16 and the Tax Ministry's appeal on charging Yukos for back taxes and fines on June 18, the market could see a new
wave of negative information, causing a significant withdrawal of foreign capital.
"Quotes are going down throughout the entire spectrum of liquid shares, but there is not much panic on the
market," said Ivan Dorofeev of Olimpiyskiy bank. "Some shares are so far avoiding a big slump, including
Gazprom, which is in the role of a protected instrument when there is a bearish trend, but this bastion could also
fall," he said.
On the RTS, prices were down 0.5% for UES, 3.2% for Norilsk Nickel,
5.5% for Lukoil, 3.2% for Mosenergo, 2.9% for Rostelecom, 2.1% for
Sberbank, 4.9% for Sibneft, 2.3% for Surgutneftegas, and 1.7% for
Tatneft.
Trading volume was at $13.267 million on the RTS (including $4.962
News from international stock markets and the slide of Russian ADRs is not helping matters. There is less and less
hope of strong demand for shares, but selling is not yet aggressive and many traders are being rather cautious with
their investment decisions, traders said.
"Such a slide on the market looks completely logical and natural, because there are no important reasons left to
stop the decline. The market is moving toward 500 points on the RTS with a possible stop at around 530 points,"
Pankov said.
"After a powerful shake-up it will be much easier to rise from low price levels, but this will not happen before
the fall. I think there will be few foreign investors after accumulating Russian shares in their portfolios in the
summer," Dorofeev said.
million in direct deals), and 7 billion rubles on the MICEX.
Gazprom shares on the St. Petersburg were down 2.4% at 54.16 rubles in volume of over 7.446 million shares.
The S&P/RUX composite ruble index fell 3.4% to 680.27, and the index in dollars was off 3.36% to 139.67.
The MICEX composite dropped 3.47% to 507.96. [RU ASIA EUROPE EEU EMRG STX MET ENR ELG TEL E BNK INSI] me
[Interfax] |
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