Today's auction started with a correction rise soon to give way to the down movement.
"Passions seething round the Yuganskneftegaz, biggest Yukos oil- and gas-extracting affiliate, remain principal influence on the stock exchange. Certain securities came up for a very short spell-and that only because the most cautious dealers were closing short-term positions," says Alexei Logvin, Interfintrade Co. analyst.
The Russian Trading System auction closed, 6 p.m., Moscow time, with the index 1.61% down to 575.7. The uneventful day brought a mere 172 deals to $15,185,000.
Surgutneftegaz rose the highest, 1.74%, and Yukos made the day's greatest slump, 11.76%. The Unified Energy Systems of Russia came 0.97% down, and Norilsk Nickel 3.48%.
Bidders are active enough, and the most liquid securities are getting moderately down, so the market will get steady within a few days, expects Mr. Logvin.
Surgutneftegaz is assuredly rising. Possibly, the market is making the company Yukos beneficiary and main bidder for the problem-laden Yuganskneftegaz, supposes Sergei Kosynkin, Zerich Capital Management trading department chief.
The US dollar is getting up vs. the euro. That is why global precious metal prices are sliding down to come as another destructive influence on Norilsk Nickel, Alexei Logvin remarked.
Yesterday's suspense round prospective Yuganskneftegaz sale to settle mother company back taxes, to a stunning sum, made the market wait and see. Further developments will depend on what Yukos bosses will do, and the Western market response, say analysts.
Yuganskneftegaz sale plans bid big Yukos stockholders and the company top to level out their stances and pool in efforts, is how Alexander Kim, Renaissance Capital expert, sees the matter. To see Russian investment arrangements going from bad to worse is the last thing the federal government wants, he stressed.
Western investors may regard the sale of pivotal Yukos assets as undermining the entire Russian investment climate. If they don't, blue chips will go moderately on down within a few nearest days next to play into the bulls' hand just as cautiously, forecasts Olga Belenkaya, Olma analyst. Petroleum stock will be the most lucrative as soon as the month's end, what with Yuganskneftegaz bids, is her opinion.
