• ACI Russia

08/06/1998 15:27:39 Russia shares end down 4 pct, finance woes focus

MOSCOW, Aug 6 (Reuters) - Russian shares slid a further four

percent by the close on Thursday, adding to a more than three

percent fall the day before.

Dealers said that investor uncertainty over Russia's

troubled finances was the main focus rather than general

nervoussnes in world equity markets.

Reuters composite index <.RRC1> ended down 3.16 percent at

93.19 while the RTS1-Interfax index <.IRTS> closed with A 4.09

percent loss at 135.882.

"There (in the West) they are coming down from the highs,

they are virtually calling it a correction but we have not

stopped falling," said Menatep bank head trader Sergei Kosinkin,

noting also high rates on the local debt market.

"The main thing overall is the unsatisfactory financial

situation here. Even good results from companies are being

cancelled out by the state of the state's finances," he added.

Dealers said that the market has now fallen 76.66 percent

since the start of the year.

"This fall (in the market) has global reasons. We are coming

down to new low levels, sellers appeared on the market today,"

said UFG trader Maksim Perlin.

"The PRIN market says most. Today they are at a level which

shows that investors do not believe in Russia," he said.

Turnover was again very low, with the RTS trading just 18

million and most activity concentrated in a few of the most

liquid stocks.

"People are looking at a few liquid stocks, the whole market

has come down to five or six shares. This is a totally

speculative market," Perlin said.

News from top energy stock UES <EESR.RTS> that it plans to

make a planned bond issue before the end of November failed to

lift its stock, even bringing scepticism that it could make the

issue in the current market conditions.

It ended 6.5 percent lower at $0.115. Other key stocks also

fell, with Mosenergo <MSNG.RTS> down to $0.049 from $0.051 and

Rostelecom <RTKM.RTS> slipping to $2.04 from $2.20.

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