Russian stocks decreased on new US sanctions, taxes concerns

MOSCOW, Aug 10 (PRIME) -- The Russian stock market declined again to price in speculations about future anti-Russian sanctions and a possible increase of taxes on local metals producers, analysts said on Friday.

The MOEX Russia Index dropped 1.50% to 2,275.05 and the RTS fell 3.68% to 1,056.93.

“The MOEX Russia Index rested in the red zone during the trade session. The domestic market is still pressured by news about fresh sanctions planned by the U.S. and negative dynamics of Western stock exchanges,” investment company Veles Capital analyst Artyom Mikhailin said.

Otkritie Broker analyst Andrei Kochetkov said that metals producers were among the biggest losers after President Vladimir Putin’s aide Andrei Belousov had suggested additional up to 500 billion rubles a year taxes on some domestic metals, petrochemical, and fertilizer producers.

Steelmaker Novolipetsk Steel (NLMK) slid 5.37% to 152 rubles, Magnitogorsk Iron and Steel Works (MMK) sank 5.17% to 45.14 rubles and gold producer Polyus lost 5.3% to 4,214 rubles. 

Oil and gas exporters again outperformed the market due to a weaker ruble with RussNeft and Novatek being the top gainers, up 1.55% to 555.5 rubles and 0.7% to 939.5 rubles, respectively.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-4.98	186.15	21.618
Norilsk Nickel	-1.81	10800	4.673
Gazprom	-0.28	144.8	3.947
ALROSA	-4.8	92.75	3.279
Lukoil	-0.46	4577	3.086

(66.2856 rubles – U.S. $1)

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