Russian stocks correct upwards on lack of news

MOSCOW, Jun 27 (PRIME) -- The oversold Russian stock market firmed on Tuesday on a sparse news background and support to the steel makers from the weakening ruble, analysts said.

The MOEX Russia Index grew by 0.71% to 2,776.63, and the RTS index increased by 0.67% to 1,028.24.

"The MOEX Russia Index, after a local correction that started on Friday, is making today the first attempts at returning to the medium-term upward trend. At the same time, there is a lack of fundamental positive drivers for confident growth," Sofya Kirsanova, portfolio manager at managing company Pervaya, said.

According to Finam analyst Kseniya Lapshina, the global markets traded moderately positively, after China confirmed targeting an earlier announced gross domestic product rise of 5% in 2023. The Asian markets closed higher, except the Japanese one that fell by up to 0.5%. The European markets were neutral.

Otkritie Broker’s leading analyst for global research Andrei Kochetkov said that the oil prices started decreasing during the European session on the back of sufficiency of the current supply.

At the same time, the ruble weakened as well, which supported the shares of steel producers, Kochetkov said.

MTS was among the gainers trading for the last day with dividends, the analyst said.

The global depositary receipts (GDRs) of RusAgro soared 7.27% reacting positively to an agreement on acquisition of a 50% interest in fat-and-oil producer NMGK.

"This should strengthen company positions in various segments of the Russian markets of mayonnaise and sauces," Kochetkov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.22	241.32	10.594
MTS	+0.54	346.05	4.342
Lukoil	+1.67	5133	4.236
Surgutneftegas pref	+1.86	39.75	2.604
MMK	+3.61	46.545	2.559

(84.6642 rubles – U.S. $1)

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