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Putin Breaks RTS Record
The stock market reacted to Russian Prime Minister Vladimir Putin’s announcement yesterday of tax breaks for oil companies with new growth. An hour before the end of trading, stock in the oil sector had risen 4.9-5.8 percent. On the MICEX, LUKOIL stock rose 5.41 percent, Rosneft was up 6.2 percent and Gazprom Neft jumped 8.06 percent.
Surgutneftegaz was the growth leader. That company’s common stock rose by 10.69 percent on MICEX and its preferred stock rose 8.11 percent. “In the last three months, Surgutneftegaz common stock has risen on the RTS by 20 percent and its preferred stock by 10 percent. Rosneft and LUKOIL stock has risen by more than 40 percent,” notes KIT Finance analyst Konstantin Cherepanov. He said that investors bought LUKOIL and Rosneft after Putin’s first statement about a tax break for oil companies last week, but yesterday that news also boosted Surgutneftegaz stock.
Alfa Capital asset manager Andrey Kilin noted that there is high demand for oil company stock on the market now and few large sellers, which led to yesterday’s price hikes. Thanks to oil stock, the RTS index grew by 2.84 percent yesterday to a new record of 2406.05 points. The MICEX index did not set a record, although it rose by 3.5 percent to 1904.2 points. The MICEX index finally reversed its fall yesterday and showed growth of 0.8 percent since the beginning of the year.
www.kommersant.com
All the Article in Russian as of May 15, 2008
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Photo: Grigoriy Sobchenko
