The VTB quotes shed to the record low Sept 10, 2007, having dropped 17.7 percent vs. the people’s IPO that was held in May.
Photo: Olga Kirsanova
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VTB Written Dn in the West
The VTB quotes shed to the record low yesterday, having dropped 17.7 percent vs. the people’s IPO that was held in May. The analysts blame the decline on foreign investors that no longer trust stocks of financial sector. But of all banks of Russia, only VTB is represented on London Stock Exchange.
VTB suffered hefty losses Monday on both top trading floors of Russia and in London. On MICEX, the bank sank 1.84 percent to historical minimum of 11.18 kopecks, i.e. 17.7 percent below the placement price (13.6 kopecks). But the decline was of even greater extent on RTS, where the bank went down 4.97 percent to $0.0044, having matched the August 21 quote. The depository receipts of VTB fell 3.56 percent on LSE.
The decline happened in rather neutral environment. The MICEX index closed 0.18 percent up yesterday, while the RTS benchmark stood still.
The analysts say the VTB quotes went down because of the sales on foreign markets. “A big deal was clinched in London,” explained Alexey Bachurin from Renaissance Capital.
Today’s global trend is that the investors overseas are very apprehensive when it comes to financial sector. Dutch ABN Amro, for instance, lost over 3 percent yesterday, French BNP Paribas shed 1.04 percent and German Commerzbank sank 1.36 percent. VTB is the only bank in Russia with stocks traded in the West. Contrary to it, the stocks of Sberbank that haven’t been placed in London yet appear much more sure-footed. Sberbank lost just 0.12 percent on MICEX yesterday and climbed 1.09 percent on RTS.
www.kommersant.com
All the Article in Russian as of Sep. 11, 2007
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