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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who wrote ()4/13/1998 2:29:00 PM
From: Real Man   of 1301
 
MOSCOW, April 10 (AFP) - Markets reacted cautiously to Friday's
rejection of Sergei Kiriyenko as Russia's next prime minister, with
brokers saying equity prices would remain depressed until the
political uncertainty in Russia is resolved.
Stock prices were slightly up on the day in thin trading as
foreign investors maintained a wait-and-see attitude pending a
definitive outcome to the stand-off between President Boris Yeltsin
and his political foes in parliament over the young technocrat
candidate for premier.
The RTS index was showing a gain of less than one percent to
308.96 at 6:00 p.m. (1400 GMT).
"Everything is focussing on the political situation," said Gary
Kinsey, a trader with the Brunswick brokerage. "We've got a week to
wait and then hopefully we'll start seeing buyers return to the
market.
"There is a very limited downside from here," he said, adding
that once the make-up of the new government is known, the market
could turn "quite bullish."
Financial markets have been hit hard by the political
uncertainty generated by Yeltsin's decision to sack his government
and appoint Kiriyenko to draw up a new slimline government and
revitalise reform.
Bond yields have spiked towards 30 percent again while equities,
which gave up more than eight percent last week, lost further ground
this week in sluggish trading.
Kiriyenko himself said Friday that the instability in the
country was hitting bonds, Treasury bills and equities and
compounding the debt servicing position.
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