Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Real Man who wrote ()	5/13/1998 1:26:00 PM
From: Real Man	of 1301

It's a crash, once again... -Vi MOSCOW, May 13 (AFP) - Russian blue chip stocks plunged by six to seven percent in early trading here Wednesday, following sharp falls on South-East Asian markets, Interfax reported. Shares in market leader Unified Energy Systems plunged some 7.5 percent to 0.2785-0.2793 dollars, compared with 0.3025 late Tuesday. Shares in oil giant LUKoil fell 4.5 percent, while those in the Surgutneftegaz oil company dropped by six percent. The leading Russian Trading System (RTS) index plunged more than 4.5 percent on Tuesday's close. In Hong Kong, the blue chip Hang Seng Index tumbled a further 2.6 percent Wednesday, after a 2.5 percent fall Tuesday. Tom Brackenbury, a trader with the Rinaco brokerage here, said money was flowing out of the Russian treasury bill market and "the whole economic picture is under question again." President Boris Yeltsin's decision Friday to sign a law capping foreign ownership in UES at 25 percent was "bad for sentiment among the foreign investment community," Brackenbury told AFP. Foreigners currently own about 30 percent of the electricity monopoly.

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