The information war of Moscow and the West continues to mar the stock market of Russia; The MICEX index fell 3.94 percent yesterday to the minimum value from September 2006.
Photo: Vasily Shaposhnikov
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Stock Market Doomed to Decline
The information war of Moscow and the West continues to mar the stock market of Russia. The MICEX index fell 3.94 percent yesterday to the minimum value from September 2006, and RTS lost 3.17 percent.
The selling bids for Russia’s stocks that had been made far back on Friday were met yesterday, explained Anton Rakhmanov from Renaissance. Investment Management Co. “And the statements about freezing certain agreements on WTO added pessimism and drove up the buying orders,” the analyst pointed out. After 5:00 p.m., the fall was fueled by the technical factor – the slump in some quotes activated the margin-calls with investors forced to close positions.
Preferred stocks of Rostelecom (down 8.75 percent) and Surgutneftegaz (down 7.79 percent) were the losing leaders amid the blue chips on MICEX. VTB shed 7.9 percent to the absolute minimum of 6.76 kopecks, which is 50.29 percent below past year’s IPO. But Rostelecom (up 0.72 percent) and Norilsk Nickel didn’t yield to the general trend. The metal company first gained 6.6 percent on MICEX on the news about the back buyout of stocks but closed no more than 1.65 percent up as a result of the general trend.
The negative attitude of investors is growing every day, the market players said. “The feeling that the current situation will end soon is absent,” said Alfa Capital Asset Manager Andrei Kilin. “The decline is doomed; without support, the market is falling slowly but surely.”
www.kommersant.com
All the Article in Russian as of Aug. 26, 2008
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