Russian stocks close mixed due to US Fed’s key rate hike plans

MOSCOW, Sep 21 (PRIME) -- The Russian stock market closed mixed on Thursday discouraged by the U.S. Federal Reserve’s intention to tighten the monetary policy, which may decrease investor appetite for risk assets, analysts said. 

The MICEX grew 0.13% to 2,060.24 and the RTS fell 0.2% to 1,120.13.

“The global stock market sentiment has worsened after the Federal Reserve let know that it does not plan to retreat from a plan to tighten the monetary policy (though it has decided to keep the key rate unchanged at 1.00–1.25% now). Another rate hike is expected until the end of the year,” Anastasia Sosnova, senior analyst at Bank Rossiysky Capital, said.

Otkritie Broker analyst Andrei Kochetkov said that the Russian stock market kept on consolidating with medium volumes. The market has long been trading in a narrow band, accumulating a capacity for a rally, the expert added.

“Buyers have been careful ahead of a possible downward correction on the European and the U.S. stock exchanges, but it has not happened yet. A slight trigger is enough for the benchmarks to break out of the range,” he added.

Sosnova also said that the Fed’s decision resulted in deflation of major commodities including coal, iron ore and steel.

Accordingly, Russia’s raw material exporters were among the biggest losers. Metals and mining group Mechel lost 1.45% to 152.5 rubles, steelmaker Severstal fell 1.74% to 892.1 rubles and steelmaker Novolipetsk Steel (NLMK) slid 1.41% to 127.5 rubles.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.49%	187.38	7.749
Gazprom	+0.07%	122.34	4.310
Lukoil	+0.22%	2991.5	2.619
Norilsk Nickel	+0.38%	9710	2.352
Rosneft	+0.54%	316.7	1.506

(58.1290 rubles – U.S. $1)

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