Russian stocks drop on falling oil prices, slow indus output rise
MOSCOW, Jul 17 (PRIME) -- The Russian stock market declined on Tuesday as oil prices failed to erase a significant decrease of Monday, and a lackluster rise of the industrial production in June additionally pressured the stocks, analysts said.
The MOEX Russia Index fell 1.00% to 2,310.92 and the RTS index decreased 1.31% to 1,165.14.
УThe Russian stock market started to show the signs of weakness yesterday and today, sales have deepened significantly, seemingly, due to a decline of the raw material prices,Ф Vasily Oleinik, an analyst at investment company Finam, said.
The Brent oil rose 0.14% to U.S. $71.94 as of 6:26 p.m., Moscow time on Tuesday after sliding 5% on Monday. The ruble dynamics was muted, Igor Kovalyov, an analyst at InstaForex group of companies, said.
Kovalyov said that RussiaТs industrial output grew by 2.2% on the year in June, below a forecast of 3.2% disappointing the market.
He said that sales predominated in the oil and gas, and financial sectors.
Oleinik said that Federal Grid Company of Unified Energy Systems (FGC UES) fell 7.65% on an ex-dividend gap.
Kovalyov said that MMK decreased 0.29% after publishing operating figures for AprilЦJune with sales declining 5% on the year.
Below are the MOEX Russia IndexТ five most active stocks on Tuesday:
|Company||Change, %||Last price, rbl||Trading volume, bln rbl|
(62.2556 rubles Ц U.S. $1)