Russian stocks dip on profit taking in many shares

MOSCOW, Aug 23 (PRIME) -- The Russian stock market edged down on Wednesday on the back of profit taking, analysts said.

The MOEX Russia Index decreased 0.57% to 3,146.2, and the RTS index fell 0.61% to 1,051.15.

"The Russian stock market started easing by the middle of the session under the pressure of profit taking in many issuers," Veles Capital analyst Yelena Kozhukhova said.

Ozon corrected downwards 2.50% from many years’ highs on the news that its April–June earnings before interest, taxes, depreciation and amortization was significantly lower and the net loss significantly wider than the market expected.

The Moscow Exchange fell 2.15% also declining from a peak of January 2021 after a financial report for the period, Kozhukhova said.

Seligdar reset a historical peak on expectations of a January–June report under International Financial Reporting Standards and Russian Accounting Standards, she said.

Yevgeny Linchik, head managing company Pervaya’s department of alternative investment said that the money outflow from the shares resulted in larger investment in bonds, which became more profitable after the central bank raised the key rate.

The market was focused on a BRICS summit in South Africa during the session, he said.

The Brent price lost about 0.6% to U.S. $83 per barrel because of a possible deterioration of the U.S. business activity and deterioration of primary housing market figures, Linchik said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Lukoil	-0.93	6545	13.519
Sberbank	-0.7	259.63	9.419
Gazprom	-0.94	174.82	3.319
Magnit	-0.97	5845	2.917
Seligdar	+6.68	87	2.826

(94.1185 rubles – U.S. $1)

End