Troika Dialog expects growth in Russian shares next year

Russia's leading investment company Troika Dialog has envisaged a 30-percent growth in the Russian stock market in its 2003 budget. This corresponds to the current dynamics of Russian indices: the RTS index advanced by 20 percent in the period from January to October, MICEX index rose by 17 percent, the Vremya Novostey newspaper reported. "We expect that share prices of Russian companies will become 30 percent more expensive in the next 12 months", the director of the company's securities department declared. "Our marketing policy is based on this forecast. Investments in Russian securities are still quite attractive. Shares of many companies are too hot in the USA and Europe, while assets of Russian blue chips are still underestimated. I am surprised that the current price of a Gazprom share is some $0.70. I am sure it will cost more than one dollar. Some analysts link the current decrease in the gas holding's share prices with slow reforms in the company and that it has many short-term debts. However, I think these are temporary problems and the market will surely exceed the level of one dollar per share. And this is a 30-percent increase in foreign currency, by the way. RAO UES and Mosenergo have also good potential. I think these securities should be purchased. Norilsk Nickel will have good outlooks, in the event the company follows the example of YUKOS and implements its plans on restructuring its corporate management", the expert said.