Russian stocks decrease on ruble strengthening

MOSCOW, Nov 30 (PRIME) -- The Russian stock market dropped on Thursday because of resumed strengthening of the ruble that hurt the exporters, analysts said.

The MOEX Russia Index fell by 0.24% to 3,165.79, and the RTS index declined by 1.15% to 1,115.01.

"The bears continued to predominate the Russian market. A strong ruble does not favor purchases on the national market with a broad representation of exporters, for whom the recent strengthening of the national currency undermines the ruble income," Finam analyst Anna Builakova said.

The analyst said that high inflation and risks of continuation of a tough monetary policy by the central bank worry the market. The regulator can raise the key rate on December 15 hurting attractiveness of the stock market.

Otkritie Research expert Andrei Kochetkov said that the ruble had suddenly stopped weakening after the end of a tax period, and the current exchange rate against the U.S. dollar was expected to persist for some time. "At least, this exchange rate is good for the budget," he said.

The financial sector also dragged down the Russian market during the session, he said.

Veles Capital’s analyst Yelena Kozhukhova said that Mechel returned to growth after the statistics watchdog reported a 2023 monthly record coal output in October

According to Builakova, the SPB Exchange's shares soared 3.94% on the news that the bourse planned to get a permit from the U.S. Office of Foreign Assets Control to withdraw blocked client assets.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	0	276.8	12.248
Mechel	+2.4	293.3	6.924
UWC	-3.23	27	4.078
Lukoil	+1.01	7275	3.730
Rosneft	-1.11	586.85	2.976

(88.8841 rubles – U.S. $1)

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