"Bidders are resolute as before-but they all know better than buying stock with a bearish correction looming," Roman Andreyev of the CentreInvestSecurities remarked about this morning at the exchange.
Olma Co.'s Olga Belenkaya points out non-residents' apprehensions with the Yuganskneftegas starting prize announced yesterday for an upcoming auction. Russian stock deposit receipts were bears' bonanza on international exchanges, yesterday, and had come much lower by closing time than the same stock on the Russian Trading System.
"The Yukos is again getting the market down, just as yesterday-even after a Justice Ministry spokesman turned out to have omitted certain information in his statement of yesterday," Belenkaya went on, and offered spectacular figures to bear out her point. The Yugansk, the drowning Yukos' biggest petroleum production branch, was evaluated at US$10.4 billion, said the ministerial functionary. The Dresdner Kleinwort Wasserstein bank, qualified appraiser, promptly made a retort to describe the price as "overly conservative"-it actually recommends $15.7 to 18.3 billion. Be all that as it may, final appraisal will be up to the bailiffs. They may proceed from the threshold DKW figure, for all she knows, said the Olma expert.
"This morning's deals were lax-the market kept quiet, waiting for anyone to dare upset the balance. Dealers look forward to a piece of news to get it out of its torpid state," says Roman Andreyev. He expects the market to be sliding on down as bad news from the Yukos is the only reliable information that promises whatever activity-dealers' optimism has left some elbowroom here for further speculation.
"Everyone is waiting to see what turn developments round the Yukos will take, and what the Yukos will do in retaliation. To bear as before is the most likely prospect," says Sergei Kosynkin of the Zerich Capital Management.
Alexei Logvin is apprehensive-things may go the worst way possible within the days to come. The RTS may get down to 650 before weekend, he warns.
This day's finish found the RTS 0.57% down to 663.47, with 200 transactions to a lump $19.6 million.
The Mosenergo came the highest up-2.78% by closing time, yesterday. The Yukos plummeted the lowest, 10.33%. The Gasprom rose by 2.11%, and the Savings Bank of Russia by 0.23%. The Norilsk Nickel today came 3.03% down against yesterday's closing time.
The MICEX was 0.77% down by 18.25, Moscow time, today to 632.95. The Yukos was the lowest down, 10.09%; the Savings Bank the highest up, 1.62%. The Norilsk Nickel slid 3.3% down, and the Mosenergo 3.95%.
The Gasprom and the Savings Bank were bulling today as they had wisely channelled part of their money into the safest securities "to show that many dealers don't think the market will badly drop quite soon," is how Alexei Logvin sees the matter.