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 ()	5/14/1998 1:49:00 PM
From: Real Man	of 1301

Panic in the Russian market. MOSCOW, May 14 (AFP) - Russian blue chip stocks dropped sharply for a third successive day Thursday as jitters on international emerging markets gave Russian equities no respite, traders said. At 6:00 p.m. (1400 GMT) the Russian Trading System (RTS) index stood at 263.66, down more than five percent on Wednesday's close, having already posted significant losses in trading Tuesday and Wednesday. "The market is collapsing for the third day in a row," said Mikhail Koltsov, a trader with MFK-Rennaissance. "Clients are selling off all their positions in the emerging markets, and Russia is not an exception. "The outlook is not positive," he added. Market leader Unified Energy Systems (UES) was off four percent at 0.27 dollars in late afternoon trade, with dealers stressing that the decline was due more to global factors than domestic considerations. President Boris Yeltsin reluctantly signed a law last week limiting foreign ownership in the key electricity monopoly to 25 percent. Foreigners currently own some 30 percent in the company, and Yeltsin spokesman Alexander Livshits said Thursday that the Kremlin intended to fight the legislation.

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