Russian stocks correct downwards after reaching historical record

MOSCOW, Jun 15 (PRIME) -- The Russian stock market corrected downwards on Tuesday after hitting a historical record of 3,865.20 as the external background provided no clear signals for growth, analysts said.

The MOEX Russia Index lost 0.98% to 3,822.40, and the RTS index decreased 1.31% to 1,665.31.

"The MOEX Russia Index has managed to reset an all-time high of 3,865.20 but later took a more logical path on the back of decreasing industrial metals. The oil and gas sectors, metals and mining lost up to 0.5%. At the same time, the consumption and transport sectors looked even weaker," Otkritie Broker analyst Andrei Kochetkov said.

"The Russian market has been relatively overheated and was prone to correction and test the 3,800–3,820 support levels without confident signals for growth."

Veles Broker analyst Yelena Kozhukhova said that the market was stable ahead of a meeting between Russian President Vladimir Putin and his U.S. counterpart Joe Biden slated for Wednesday.

The market mood was positive as Brent and WTI added about 1% as of the middle of the Moscow session, the European indices and U.S. stock market futures grew moderately, the analyst said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-2.4	272.8	13.179
Sberbank	-0.45	312.7	8.770
Lukoil	-0.35	6492	5.161
ALROSA	-1.58	137.36	5.136
Norilsk Nickel	-0.93	26068	3.322

(71.6797 – U.S. $1)

End %%mk/jst%%