Russian stocks continue downward correction, recover losses

MOSCOW, Jul 16 (PRIME) -- The Russian stock market continued its correctional decline on Tuesday, but was able to win back most of the losses amid recovering oil prices, analysts said.

The MOEX Russia Index fell 0.02% to 2,755.88 and the RTS decreased 0.32% to 1,382.09.

“On Tuesday, the Russian stock market continued its correctional decline, but managed to recover most of the losses by the end of the session. The dynamics of the energy market, where the nearest futures for Brent crude oil could add more than 1% and go up to U.S. $67 per barrel, could serve the reason for the recovery,” Promsvyazbank chief analyst Bogdan Zvarich said. 

“The dynamics of the main European indices, which were adding within 0.8% by the evening, were also a positive factor,” he added.

Power grid holding Rosseti and power company Inter RAO were among outsiders, losing 4.21% and 2.07%, respectively, Zvarich said.

Power producer Wholesale Generating Company-2 (WGC-2) and oil company Tatneft were among growth leaders, rising by 2.76% and 1.74%, respectively.

Steelmaker Magnitogorsk Iron and Steel Works (MMK) lost 0.89% after reporting that its steel output fell 0.5% on the quarter to 3.091 million tonnes in April–June.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-0.95	238.01	9.719
Sberbank	-0.22	234.75	8.470
Lukoil	+0.23	5190.50	3.402
Surgutneftegas pref	-0.21	41.95	2.487
ALROSA	-0.2	79.96	1.948

(62.8280 rubles – U.S. $1)

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