Russian stock market falls on dividend cut-offs, corporate news

MOSCOW, Jun 5 (PRIME) -- The Russian stock market decreased on Monday amid approaching dividend cut-offs of some large companies, negative corporate news and profit-taking, analysts said.

The MOEX Russia Index fell 0.93% to 2,694.14 and the RTS decreased 0.30% to 1,048.37.

“Despite the positive reaction of the oil market to OPEC+ decision to reduce oil production from 2024, sellers became more active due to the approach of dividend cut-offs on the shares of a number of large companies, as well as because of negative corporate news,” leading analyst of Freedom Finance Global Natalya Milchakova said.

According to Veles Capital’s Yelena Kozhukhova, the Russian stock market by the end of main trading was under downward pressure due to profit-taking by the largest issuers.

The biggest growth by the end of the session was demonstrated by RussNeft shares, +9.35%, and common and preferred shares of Tatneft, +2.65% and +2.51%, respectively.

Shares of Tatneft rose amid continued demand for dividend stories.

Polymetal shares reacted heavily to management's withdrawal from its Russian subsidiary in the wake of U.S. sanctions imposed on the company, which caused the major drop.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.63	239.98	14.104
Lukoil	-2.81	5232	10.117
VTB Bank	-2.61	0.02204	5.780
Gazprom	+0.07	162.7	4.307
Sovcomflot	-4.8	87.2	3.852

(80.9657 rubles – U.S. $1)

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