Gazprom shed over 4 percent and its capitalization narrowed by $14.2 billion Tuesday.
Photo: Grigoriy Sobchenko
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Gazprom Fell Ahead of Banks
The global stock exchanges went through the slump yesterday. Russia’s indices suffered the heftiest losses, having fallen 2.6 percent to 3.5 percent. The investors were first of all disposing of the stocks of financial sector, and VTB and Sberbank renewed this year’s minimal quotes as a result. The oil and gas sector was hit as well. Gazprom’s capitalization lost $14.2 billion yesterday.
The decline on Russia’s stock exchanges started at 11:00 a.m. yesterday, and the slump extended to global markets after the positive movement of the U.S. futures gave way to the drop of around 1 percent at roughly 1:00 p.m. MSK.
In the end, Europe’s indices lost 1.6 percent to 2.6 percent and the U.S. indices shed 1.3 percent by 8:30 p.m. MSK. But the losses were the heftiest in Russia. MICEX fell 3.45 percent to 1,693 and RTS sank 2.63 percent to 2,243. The decline in Russia’s stock indices was the greatest from the middle of March with the better part of blue chips felling 2.5 percent to 5.2 percent on MICEX.
As the stocks of bank sector have been viewed most risky in the recent months, the common stocks of Sberbank lost 3.78 percent on MICEX and preferred stocks fell 5.71 percent. So, the quotes fell to 71.48 ruble, which is the minimal value since December of 2006. VTB renewed the minimal closing price, having lost 2.58 percent yesterday.
The recent growth leaders, stocks of the oil and gas sector, went down despite the growth in oil prices. Gazprom shed over 4 percent and its capitalization narrowed by $14.2 billion Tuesday.
www.kommersant.com
All the Article in Russian as of July 02, 2008
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