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08/12/1998 09:36:02 Russia debt yields edge down, shares gain

MOSCOW, Aug 12 (Reuters) - Yields on Russian treasury bills

eased slightly in early trade on Wednesday while shares managed

to climb more than four percent, dealers said.

Yields on 1999 maturity GKO t-bills, which shot up on

Tuesday amid a lack of investor confidence about Russia's plans

to end its financial crisis and tumbling world markets, eased

back to 120-130 percent in early activity from 125-145 percent.

The RTS1-Interfax index <.IRTS> of leading shares squeezed

up 4.74 percent to 115.12 by 0800 GMT, boosted by higher prices

for Russia's dollar debt, which had previously fallen to

all-time lows, and the better trend on other markets.

However, volume was extremely thin at $4.53 million, similar

to most sessions over the last week.

Dealers said they were unsure how far the gains in the share

market would go and to what extent investors would get

reassurance over Russia's plans to end its financial crunch.

"It is just uncertain, everyone is uncertain about what is

going to happen," said Gary Kinsey, a share trader at finance

house Brunswick Warburg, noting that worries over Asian markets,

a possible devaluation of the Chinese yuan and debt defaults in

Indonesia were all compounding the Russian markets' problems.

((Moscow newsroom +7095 941 8520,

moscow.newsroom@reuters.com))


MOSCOW, Aug 12 (Reuters) - Russian shares firmed in thin

early trade on Wednesday, recovering some of the previous

session's sharp losses as Russia's foreign and domestic debt

markets stabilised, traders said.

The RTS1-Interfax index <.IRTS> of leading shares was up

2.19 percent to 112.31 by 0900 GMT, but it came off the highs as

treasury bill yields edged back up. Volume was extremely thin at

$8.1 million, similar to most sessions over the last week.

Dealers said they were unsure if the market had bottomed out

and to what extent investors would get reassurance over Russia's

plans to end its financial crunch.

"It is just uncertain, everyone is uncertain about what is

going to happen," said Gary Kinsey, a share trader at finance

house Brunswick Warburg, noting that worries over Asian markets,

a possible devaluation of the Chinese yuan and debt defaults in

Indonesia were all compounding the Russian markets' problems.

Traders said share prices were tracking the debt market.

GKO treasury bills with 1999 maturities, which shot up on

Tuesday amid a lack of investor confidence about Russia's plans

to end its financial crisis and tumbling world markets, eased to

120-130 percent in early activity but later climbed back up to

around 140 percent.

T-bill yields closed on Tuesday at about 125-145 percent.

By 0930 GMT, stock market bellwether, electricity firm UES

<EESR.RTS>, rose to $0.0905 from $0.0890 at Tuesday's close and

telecoms firm Rostelekom <RTKM.RTS> was unchanged at $1.5.

LUKoil <LKOH.RTS>, under pressure from weak world oil

prices, slipped to $5.37 from $5.40.

((Anatoly Verschagin, Moscow Newsroom, +7095 941-8520

moscow.newsroom@reuters.com))


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