Russian stocks decline amid unfavorable foreign background

MOSCOW, Jul 28 (PRIME) -- The Russian stock market opened positively, but reversed later in the day on Thursday in light of a worsening global background, analysts said.

The MOEX Russia Index fell 0.832% to 2,189.16 and the RTS decreased 1.40% to 1,137.82.

“Bullish sentiments on the Russian stock market rapidly changed for bearish ones on Thursday… The U.S. Federal Reserve expectedly increased the key rate by 0.75 percentage points, which triggered a positive reaction on the U.S. market, and the Russian benchmarks started the day in the positive territory thanks to the background,” Freedom Finance analysts said.

“However, the indices reversed downwards waiting for the U.S.’ gross domestic product (GDP) data… and wariness about global economic recession strengthened on the Russian market,” they added.

Managing company Pervaya analyst Sofya Kirsanova also said that the external background worsened significantly by the evening as investors’ concerns about the future of the U.S. economy continue to mount.

Depositary receipts of grocery retailer O’Key demonstrated the strongest performance jumping 17.47% on sound financial results for April–June.

Gold producer Seligdar was also among the growth leaders adding 8.83% in light of rising gold prices, which went up by 1.17% to U.S. $1,752 per troy ounce.

Ferrous metals producers Severstal and MMK were among the outsiders as they are experiencing heavy difficulties with sales of their products because of the Western sanctions.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.59	131.72	5.271
Gazprom	-0.12	196.25	4.332
Norilsk Nickel	-0.9	15500	1.838
Magnit	+2.93	4765.5	1.767
Lukoil	-0.43	3831	1.614

(60.2198 rubles – U.S. $1)

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