Russian stocks dip on oil price decline, before long holidays

MOSCOW, Jun 10 (PRIME) -- The Russian stock market decreased on Friday as the oil price fell and investors closed long positions ahead of three-day holidays, analysts said.

The MICEX fell 1.62% to 1,903.61 and the RTS decreased 2.76% to 924.65.

“On Friday, June 10, the Russian market continued to correct downwards… The reasons for åóð sales are oil cheapening, as well as profit taking before long holidays,” Sofya Kirsanova, an analyst at managing company Raiffeisen Capital, said.

The Russian market will be closed on Monday for the Russia Day.

Brent with August delivery fell 1.42% to U.S. $51.21 per barrel as of 5:42 p.m. Moscow time, according to the ICE exchange.

Bogdan Zvarich, an analyst at investment company Finam, said that investors will close long positions also ahead of a release of the number of working drilling rigs to be published on Friday after the Russian market closes.

The market shrugged off a decision by the Russian central bank to reduce the key rate by 0.5 percentage points to 10.5% because it was no surprise for investors, Zvarich said.

Retailer Dixy Group outran the market as its solid report was in sharp contrast to earlier lackluster data by market leader Magnit, Kirsanova said.

Sberbank and Novolipetsk Steel (NLMK) were the market outsiders because of the ex-dividend date, Kirsanova said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	–4.38	133.50	8.752
Gazprom	–1.75	142.44	3.194
Magnit	0	8,819	2.781
VTB	–0.27	0.07280	1.769
Lukoil	+0.04	2,636	1.762

(63.7402 rubles – U.S. $1)

End