RAO "UES" turns off the light on the market, and Yukos holds a blow well - expert commentary

The day did not portend anything bad, but on Thursday optimism was not destined to spread on Friday. For a week the market closes in Minor.

According to Maxim Shein, the head of the analytical department of Broker Creditsevis, the project for reforming the RAO UES and the creation of OGK finally confused the already nervous investors. At 13:09 Moscow time, unexpectedly, the quotes of shares of RAO UES sank from 9.1 rubles to 8.5 rubles (-6.5%). 60 million shares were sold in 2 minutes. It is possible that this is a reaction of some investor to the intention of the MEMAR to establish a scheme for participation in auctions on the OGK not only with the papers of the RAO UES, but also with money. At the same time, the board of directors of the company did not consider this issue today. Perhaps there was a technical error. For example, a market participant mistakenly set up a request for sale instead of a purchase.

Nevertheless, the fall of RAO "UES" pulled the entire market. Oil companies and Norilsk Nickel got strongly. According to the papers of the latter, which in recent days actively grew better than the market, speculators began to fix profit against the background of reducing world prices for metals.

The blows of Yukos sellers are better than all. This is partly due to the release of good data for 9 months of 2003, but now the minds of investors are busy with completely different issues regarding the company. Therefore, the main reason for "resistance" is a strong drop in quotes in the last week. In general, the volumes of trading are preserved at a low level, so it is impossible to talk about the attack of general dislike for Russian actions.