Russian stocks decrease as ruble keeps strengthening

MOSCOW, Nov 14 (PRIME) -- The Russian stock market corrected downwards on Tuesday on the back of strengthening ruble and flat oil prices, analysts said.

The MOEX Russia Index fell 1.10% to 3,212.39, and the RTS index decreased 0.04% to 1,116.97.

"The decrease of the (MOEX Russia Index) has accelerated because of the continuing strengthening of the ruble,  weak oil market dynamics, a high key rate and its possible further increase," managing company Pervaya’s portfolio manager Sofiya Kirsanova said.

Veles Capital analyst Yelena Kozhukhova said that the Russian market fell from the local highs, while the external market environment was neutral.

According to Kirsanova, the consumer and transport sectors were the outsiders of the session.

Kozhukhova said that Bashneft's preferred shares were supported by dividend expectations and dipped by only 0.29%.

Raspadskaya developed a rally started during the previous sessions and reached its high since April 2022, the analyst said. Mechel grew as well on expectations of rising demand for coal in Asia, she said.

Yandex was supported by reports about a possible one-time sale of all Russian assets in 2023. The board of directors was to discuss the terms at the end of November, media reported, Kozhukhova said.

Segezha declined 3.79% after posting a net loss in July–September, she said. 

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.55	282.4	10.553
Mechel	+1.15	318.6	8.335
Raspadskaya	+3.52	409.95	5.579
Yandex class A	+2.55	2643	4.691
Lukoil	-0.91	7211	4.085

(92.1185 rubles – U.S. $1)

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