Lithuania draws attention

The Baltic Index grew 2.8 percent to 170.4 points to end the week of Jan. 3 - very near its record high. Weekly turnover was almost 2 million euros, most of which (72.8 percent) was concentrated on Estonian stock, while pre-election Lithuanian equity accounted for 23.5 percent of overall Baltic activity.

Gainers for this week were Snaige refrigerator maker and Lietuvos Telekomas, their share prices increasing 8.1 percent and 6.6 percent, respectively.

The biggest losers were both Latvian companies - Latvijas Kugnieciba (LASCO) shipping company and Ventspils Nafta oil terminal. Their stock prices continued their downward spiral, falling 4.6 percent and 3 percent, respectively.

Although turnover was high, the week was rather dull in Tallinn, where analysts focused on Hansapank's amazing 50 percent gain in 2002. Eesti Telekom was also a star performer, as the company saw its price rise 30 percent over the year. Announcement of annual results are expected to boost activity in the coming weeks.

Hansapank, close to its past six years record, increased 2.8 percent over the week with turnover at 6.4 million kroons (427,000 euros), and Eesti Telekom climbed 4.6 percent.

In Latvia investors continue to shun Ventspils Nafta and Latvijas Kugnieciba on negative oil export news and expected poor results for the upcoming year.

LASCO finished the week at 0.33 euros per share, while Ventspils Nafta fell 3 percent to 0.61 lats (1.01 euros) per share. Ventspils' business prospects are bleak this year, as reports from Moscow suggest that virtually no crude oil will be piped to Ventspils in 2003. This information was corroborated by Transneft Vice President Sergei Grigoriev, who said that Ventspils would not be supplied Russian oil in the first quarter because transit through Latvia is too expensive.

Latvijas Gaze reached 8.89 euros. The stock is expected to grow in the next two weeks because Jan. 17 the public regulator is expected to make the final decision about a gas tarriff increase.

In Vilnius, equity trading was lively, with investors focusing on two shipping companies up for privatization. Total equity turnover on the central market reached 1.58 million litas (458,000 euros).