During the trading session on Thursday, the quotation of Russian shares was gradually decreasing - at first, as part of adjustments, and then negative thinking and expectations overcame the minds of investors who became more active in selling Russian stock.
Their intuition proved to be right, and news came by the night of another major company facing tax problems. A preliminary RR110 million-plus tax claim for 2001 was issued to the northwestern affiliate of the Megafon joint stock company. The news cost the blue chips another 1-3% of their market value.
During the trading session, the RTS index dropped from 574.25 points as of 12.00 Moscow time down to 546.11 points as of 18.00 Moscow time, having shed 4.87% over the closure time on Wednesday. The classic stock market of the exchange system saw 357 deals worth $36.177 million.
Roman Andreyev with Center Invest Securities says of a persistent pessimistic mood on the market. According to Andreyev, in the afternoon, virtually all securities, "having stuck it out a bit in the plus zone", lost several percent in value, including shares of UES of Russia.
"UES's stock were bolstered early in the trading session by Mikhail Fradkov's statement that wholesale generating companies would be sold for UES's stock too. However, the general negative attitude prevented it from remaining in the plus zone," comments Sergei Sinitsyn who is the corporate finance department chief of the Olimpiisky bank.
One of the reasons for the selling to start was a report of further 2001 tax arrears claims against a YUKOS subsidiary, Tomskneft, according to the Olma investment company's sales manager Dmitry Lobanov. Then, the stocks kept on plummeting "against the backdrop of the growing political risks" in the wake of tax arrears claims against Vympelcom better known in Russia as Beeline the day before and against Megafon's subsidiary in the Northwest of Russia, Lobanov carried on.
"To buck the trend, the market needs good news that is not around and, it seems to me, is not going to come any time soon," concludes the chief of the trade department of Zerich Capital Management, Sergei Kosynkin.
