Quite a number of Russians decided to benefit from the market slump and buy assets at cheap prices. MICEX recorded the three-fold surge in opening brokerage accounts past week.
Photo: Grigoriy Sobchenko
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Private Investors Rushed to Buy Underpriced Stocks
Quite a number of Russians decided to benefit from the market slump and buy assets at cheap prices. MICEX recorded the three-fold surge in opening brokerage accounts past week – the brokerage firms welcomed over 7,000 new clients.
Around 7,000 new brokerage accounts were recorded on the stock exchange from September 15 through 19, when Russia’s stock market fell by over 20 percent and financial companies faced the liabilities execution problems, said MICEX General Director Alexei Rybnikov.
The statistics took into consideration only unique accounts, reflecting the number of individuals instead of new accounts which they could have opened in unlimited number.
The key reason of this surge is the slump on the stock market. Those, who left the market a few years ago, having fixed the profits generated in 2001 through 2004, hurried back. “Having seen today’s prices, they again realized that they may earn on the market,” said ITinvest Board Chairman Vladimir Tvardovsky.
But the hopes of private investors that believed in statements of authorities about undervaluation of Russia’s companies might never materialize. The situation on the market remains tense and no one guarantees the growth in stock indices.
www.kommersant.com
All the Article in Russian as of Sep. 26, 2008
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