Russian stocks advance in bounce back from multiweek lows

MOSCOW, Nov 23 (PRIME) -- The Russian stock market bounced back from weeks’ lows and managed to remove local overbought partly on Tuesday, but the recovery may still reverse, analysts said.

The MOEX Russia Index grew 2.26% to 3,960.33 and the RTS increased 2.11% to 1,662.38.

“The MOEX Russia and the RTS indices accelerated growth from many weeks’ lows in a correction bounce-back to reach… the 3,960 and 1,670 marks, which should be broken through to remove local overbought,” Veles Broker analyst Yelena Kozhukhova said.

She added that the dynamics look like correction, which can reverse if crude prices reverse downwards.

Alexei Golovinov, chief analyst at PSB Bank, said that the MOEX Russia Index has managed to consolidate above the 3,900 mark thanks to recovery of the blue chips including gas giant Gazprom and top bank Sberbank, whose trading volume more than doubled the average, but geopolitical risks still persist.

The financial and the gas sectors of the market were the leaders of the recovery. Sberbank added, TCS Group jumped 5.6% and VTB Bank grew 1.49%. Gazprom soared 5.74% and independent gas producer Novatek surged 4.29%.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+5.74	337.51	46.345
Sberbank	+4.39	322.71	43.019
Lukoil	+2.67	6751	9.696
Norilsk Nickel	+2.33	22360	8.797
TCS Group	+5.6	6986	7.580

(73.4506 rubles – U.S. $1)

End