Correction on global stock market pulls Russian stocks down

MOSCOW, Feb 17 (PRIME) -- The Russian stock market edged down on Wednesday despite growth attempts at the beginning of the trading session thanks to downward correction seen on external markets, analysts said.

The MOEX Russia Index fell 1.57% to 3,436.80 and the RTS decreased 2.16% to 1,462.35.

“The MOEX Russia and the RTS indices dropped deeply into the red territory after some growth attempts at the beginning of the day, pointing to unwillingness of the participants to continue purchases near the new highs,” Veles Broker analyst Yelena Kozhukhova said.

Correction was seen on external stock exchanges mainly thanks to investors’ wish to take profit near the new record highs, she added. Interest in risky assets fell, gold prices also went down to the lowest level from November 2020 due to strengthening of the U.S. dollar.

Otkritie Broker analyst Andrei Kochetkov said that both Russian and European stock indices were pressured by mounting investors’ wariness about the growing yield of U.S. treasuries.

Kozhukhova also said that power producer Enel Russia was among the biggest losers pressured by a decision to put off payment of dividends scheduled for 2021 to 2023.

Independent gas producer Novatek lost 3.39% on publication of the 2020 financial report marking a 92.3% fall in the net profit to 67.832 billion rubles.

Below are the MOEX Russia Index’s five most active stocks on Wednesday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.72	268.94	19.425
Gazprom	-2.45	226.77	13.494
Norilsk Nickel	+0.54	26350	7.237
Lukoil	-3.07	5688.5	6.549
Yandex	-2.38	5220.8	5.923

(73.2895 rubles – U.S. $1)

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