Most investors polled by the opposition camp remained against the deal, he said.
Despite the uncertainty, some analysts and investors have remained calm.
But for the most part, domestic investors remained on the sidelines.
Instead, investors remained in the dark about Enron's actual financial condition.
No new issues were brought to market as investors remained on the sidelines ahead of the weekend.
It showed "just how sensitive foreign investors remain to political risk in Russia."
But many investors remained calm and held their ground, resigned to the possibility that the market had yet to reach a bottom.
Dealers were more likely to be selling, he said, while small investors remained on the sidelines.
Until now, though, institutional investors have remained on the sidelines.
Despite the small-cap track record of the last five years, investors have remained hopeful.