Russian stocks close mixed in technical correction

MOSCOW, Dec 10 (PRIME) -- Russian stocks closed mixed on Wednesday in technical correction after previous sales in the absence of strong growth drivers, analysts said.

The MICEX rose 0.79% to 1,486.85 and the RTS decreased 0.29% to 855.05.

“Today we have seen a slight rebound of the MICEX index, but there were no factors to explain it except technical correction. The general environment around the Russian stock market is still negative with oil prices falling and the situation in Ukraine remaining uncertain,” Sergei Filchenkov, an analyst at Metropol, said.

A contact group, consisting of representatives of Ukraine, Russia and the OSCE, was supposed to meet on Tuesday to discuss the implementation of the peace plan, but the meeting was postponed indefinitely because representatives of the Donetsk and Luhansk regions were unprepared for the meeting.

The Brent oil prices slid 3.37% to U.S. $64.59 per barrel, gave investors no definite upward trend, he added.

“The market was supported by two factors – it was oversold in the last few days and by expectations of Thursday’s meeting of the central bank, where it will discuss its monetary policy,” said Andrei Dirgin, head of Alfa-Forex analytic department, said.

Common and preferred shares of Sberbank and shares of VTB Bank were among growth leaders, rising 2.28% to 67.77 rubles, 2.43% to 50.50 rubles and 3.00% to 0.05390 rubles respectively, as investors were still reacting to President Vladimir Putin’s promises to increase major banks’ capitals with money from the National Wealth Fund.

Common and preferred shares of metals and mining group Mechel rose 13.41% to 20.30 rubles and 14.27% to 12.57 rubles as the company has approved a debt restructuring plan with Gazprombank and sent it to Sberbank and VTB. The three banks account for about $4.5 billion of Mechel’s net debt.

Titanium giant VSMPO-AVISMA soared 22.55% to 8,370 rubles, as investors switched from the oil sector to other exporters. The shares also regained some previous losses on new that as fertilizer producer Uralkali may resume some output at its flooded mine Solikamsk-2, VSMPO-AVISMA’s supplier.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.28	67.77	12.140
Gazprom	+0.63	136.09	4.727
VTB	+3.00	0.05390	4.506
Magnit	+1.33	11350.00	2.928
Lukoil	-0.95	2296.00	2.711

End