Russian stocks decrease on profit taking, oil price volatility

MOSCOW, Sep 23 (PRIME) -- Russian stocks decreased on Friday after four days of growth, as investors decided to take profit before holidays and oil prices were volatile ahead of oil producers’ meeting in Algeria, analysts said.

The MICEX fell 0.67% to 2,011.83 and the RTS decreased 0.82% to 993.94.

“The Russian stock market demonstrated negative dynamics today. We can actually say that investors preferred to take profit after the retention of a soft monetary policy was won back,” Finam analyst Bogdan Zvarich said.

InstaForex analyst Igor Kovalyov said that “interest in risky assets has faded away, while foreign floors moved to the red zone, which caused sales on the domestic market.”

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, also noted that “yesterday’s euphoria connected with the U.S. Federal Reserve System’s (Fed) decision not to raise the key rate was replaced with correction sales.”

Oil and gas companies closed with losses on the Finance Ministry’s plans to introduce the same taxation level in the gas industry as in the oil sector, Kovalyov said.

Independent gas producer Novatek shares gained 0.61% after Finance Minister Anton Siluanov said the proposals to raise a debt burden in the gas industry refer only to gas giant Gazprom.

Precious metals producer Polymetal shares lost 8.26% on reports that Czech Republic’s PPF Group NV and Staroak Limited plan to sell up to 26 million of common shares, or 6% in the company via an accelerated book building, Manzhos said.

National flagship carrier Aeroflot increased 1.1% after reporting that its passenger traffic grew 8.9% on the year to 28.7 million people in January–August.

Uncut diamond monopoly ALROSA rose 2.62% on increased revenue for January–August and plans to boost diamond production to 41.5 million carats per year by 2019.

Shares of truck maker Kamaz jumped 13.97% on possible creation of a joint venture with Germany’s Kogel for production of towed vehicles.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.74	151.5	7.766
Gazprom	0.00	136.7	3.971
Lukoil	-1.26	3085.5	1.859
Norilsk Nickel	+0.15	9730.0	1.433
Magnit	-0.93	10600.0	1.181

(63.7942 rubles – U.S. $1)

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