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23.07.2002 16:05 Sergei Suverov, analyst at Zenit bank.
US indexes have seriously decreased, but there hasn’t been a “black Monday.” Falling by 3%, Dow Jones and NASDAQ fell less then the five percent drop of European indexes yesterday.
Why Russia falls is also clear. In an interview with RBС, Hans-Jorg Rudloff from Barclays Capital spoke well about this: “At this time a deficit of investments is observed. Companies have lost lots of money and they are reducing capital investments everywhere.” This process by a painful pattern touches upon Russia, though in comparison with 1997-1998 much more domestic money is on the market that will ameliorate the decline.
We see support on the market at the level of 340 points on the RTS index and believe that positive futures on US indexes give hope for a rather moderate decrease in prices of Russian shares today.
From Russian corporate news, we shall note positive news from Gazprom, which has stopped the slowdown of extraction by putting into operation the “Zapolyarnoye” deposit and shows a net semi-annual profit by Russian standards which is better than the expectations of analysts.
Besides, the regional energy commission agreed to raise Mosenergo’s tariffs in Moscow on August 1 by the average of 18% for the public and 10% for industries. In the Moscow area the increase in tariffs averages 9%. The increase in tariffs is positive for Mosenergo’s finances, although this will not lead to a serious increase in profits for the company – gas prices have increased 16%, expenses for repair and salaries have increased and the user fee of RAO UES has also grown.
The corporate news from Gazprom and Mosenergo provide these issuers with news support which, however, might not materialize in actual orders on the trading floor.
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