• ACI Russia

08/14/1998 15:20:50 Main Russian share index ends nearly 14 pct up

MOSCOW, Aug 14 (Reuters) - Russia's main share index ended

with a near 14 percent gain on Friday, regaining some ground

after panic-stricken price falls for most of the week on fears

of financial crisis and rouble devaluation.

The leading RTS1-Interfax <.IRTS> index ended 13.67 percent

higher at 115.00 although volume was a thin $23.6 million. The

gain left the index with a 13.4 percent loss since its close at

132.86 last Friday.

Dealers said the slide in share prices to two-year lows over

the last week had tempted some back into the market, with oil

shares in particular picking up strongly.

However, the outlook for the market remained uncertain given

strong fears of a devaluation and debt default if Prime Minister

Sergei Kiriyenko cannot drag the country out of its financial


Oil shares, seen less likely to suffer from a devaluation,

put in a good performance and outperformed the general market.

LUKOil <LKOH.RTS> ended 29.5 percent higher at $6.15 while

Tatneft <TATN.RTS> climbed 26.5 percent to $0.215.

Other blue chips also showed closing gains, with flagship

electricity grid UES <EESR.RTS> at $0.0895 versus $0.0815 and

Rostelkom <RTKM.RTS> at $1.295 versus $1.26.

((Moscow Newsroom, +7095 941-8520


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