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Estimates Differ of Russian Stock Sales
Troika Dialog estimates that the average daily volume of transactions with Russian stocks is $6.1 billion. The Bloomberg agency puts that figure at $5 billion. The difference is due to the fact that more than $1 billion in transactions take place outside stock exchanges. Forty-five percent of transactions with Russian stocks take place on Russian exchanges, 36 percent take place on foreign stock exchanges and 19 percent take place in Russia off the stock exchange.
The inclusion of the over-the-counter (off the stock exchange) market changes the perception of liquidity on the Russian market. Troika Dialog analyst wrote in a recent review that, when over-the-counter trading is considered, three new stocks joined the list of those with daily turnover exceeding $5 million. They are electricity generators OGK-4 and OGK-5 and the Sedmoi Kontinent supermarket chain. In addition, ten more stocks have turnover over $3 million and 22 more have turnover over $1 million. In other words, the Russian stock market is more attractive than commonly thought.
According to Bond, here are only five developing markets where turnover exceeds $1 billion. They are China, India, South Korea and Taiwan, besides Russia. The high liquidity of the Russian market makes it more attractive to portfolio investors. Director investors are also entering the Russian market, as well as the other big five developing markets. In 2007, direct investment in Russia amounted to $52 billion, or about 5 percent of the GDP. If Russia's investment potential has been underestimated until now, that figure may rise.
www.kommersant.com
All the Article in Russian as of Feb. 19, 2008
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