Russian stocks correct downwards on oil price, foreign floors fall

MOSCOW, Nov 8 (PRIME) -- The Russian stock market edged down on Friday following a decrease in crude prices and a worsening environment on foreign stock exchanges, analysts said.

The MOEX Russia Index lost 1.17% to 2,973.19 and the RTS slid 1.27% to 1,468.17.

“The Russian stock market shifted to a correction movement pressured by the external environment. A wave of sales on the energy market has sent the Brent crude price to below U.S. $61 per barrel. Negative sentiment also prevailed on the Western stock exchanges,” senior analyst at Promsvyazbank Bogdan Zvarich said. 

Major European stock indices lost around 0.5%, and the key U.S. benchmarks Dow Jones and S&P500 fell 0.2% in the first 30 minutes of trade.

Metals producers Polyus and Severstal were among the biggest losers, sliding around 2.5%.

Veles Broker analyst Yelena Kozhukhova said that Polyus continued its downwards dynamics following declining gold prices.

Aluminum giant UC RUSAL dropped 3.43% after the release of its financial report for July–September marking a 45% fall in the net profit, Kozhukhova also said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-1.75	266	8.934
Sberbank	-0.96	240.17	7.342
VTB	+3.84	0.046	4.580
Lukoil	-1.52	6040	4.410
Norilsk Nickel	-0.99	18520	3.427

(63.7298 rubles – U.S. $1)

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