Russian stocks decrease on profit taking, oil price fall

MOSCOW, Dec 23 (PRIME) -- The Russian stock market retreated on Friday at the trading session closing on profit taking and an oil price fall, analysts said.

The MICEX eased 0.07% to 2,173.18 and the RTS decreased 0.70% to 1,117.92.

“It seems that an accelerated decrease of oil futures’ price changed the situation triggering an intraday deterioration of the mood at the local market. As regards the important domestic events, Russian trade participants could not help but pay attention to a press conference by President Vladimir Putin,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

Andrei Kochetkov, an analyst at Otkritie Broker, said that Putin’s comments that Russia will follow the oil output restrictions agreed upon with OPEC was not enough for the market to remain in the green zone. On the commodities’ market, the news that Libya had solved political disputes and can raise the oil output started a negative trend.

Trading became thin in the evening as Western markets were preparing for Christmas, Kochetkov said.

The Russian market corrected downwards after the gains earlier in December, Kochetkov said.

Manzhos said that Gazprom, Rosneft, Novatek and the preferred shares of Bashneft fell sharper than the market because as mood deteriorated on the oil market. The holders of these securities will have to decide next week whether to hold them during the long New Year holidays, Manzhos said.

Lukoil and Surgutneftegas, on the other hand, grew against the market with Lukoil closing the ex-dividend gap of Thursday and Surgutneftegas – which has large foreign cash reserves – reacting to the decrease of the ruble exchange rate, Manzhos said.

MegaFon saw a wave of sell-offs in the morning on the news that the company plans to purchase 63.8% of voting shares of Mail.Ru Group at a price suggesting a 24% premium to the market. The company later rebounded on a statement by the CFO that the acquisition will not affect the dividend policies.

Below are the MICEX’ five most active stocks on Friday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.68	171.15	6.360
Gazprom	-0.81	149.05	3.724
Norilsk Nickel	-0.20	10170	2.155
Lukoil	+0.83	3396	1.550
Rosneft	-2.23	382.85	1.457

(60.8641 rubles – U.S. $1)

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