Russian stocks close mixed amid growing oil prices, stronger ruble

MOSCOW, Sep 14 (PRIME) -- Russian stocks closed mixed on Thursday, as the RTS index’s growth was supported by a stronger ruble, while overbought MICEX ignored growing oil prices, analysts said.

The MICEX fell 0.09% to 2,052.25 and the RTS increased 0.65% to 1,125.69.

“The MICEX diagram has long demonstrated the overbought state, that’s why a small correction was quite likely,” Otkritie Broker analyst Andrei Kochetkov said.

Finam analyst Sergei Drozdov said the Russian market corrected after reaching technical levels of resistance on Thursday.

Forex Club analyst Irina Rogova said the Russian stock market was also pressured by moderately negative foreign factors, including disappointing statistics data from China.

The MICEX can resume growth on Friday and make one more attempt to exceed the level of 2,065 points amid positive oil price dynamics and a meeting of the central bank, which is expected to cut its key rate, Rogova said.

Yevgeniya Abramovich, chief of the department of the analysis of currency risks at Swiss brokerage house Dukascopy Bank SA, said the RTS index was supported by the “ruble’s rate strengthening against the dollar after oil prices.”

Metals and mining giant Mechel fell 4.5% on reports that the 15th Arbitration Court of Appeal upheld a decision of a lower court ordering the company to redeem about 12.7 billion rubles to Dutch company Atrix, owner of the Rostov Electrometallurgical Plant.

Below are the MICEX’ five most active stocks on Thursday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.24	188.64	7.136
Gazprom	-0.18	123.33	3.639
Norilsk Nickel	-0.93	9560.00	2.386
Rosneft	+1.45	319.30	2.366
Lukoil	+1.09	2970.00	2.050

(57.6679 rubles – U.S. $1)

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