Russian stocks drop on falling oil, ruble, China’s weak data

MOSCOW, Nov 11 (PRIME) -- Russian stocks decreased on Wednesday on the oil price weakening, the ruble depreciation and disappointing Chinese economic data, analysts said.

The MICEX fell 0.37% to 1,740.56 and the RTS decreased 0.98% to 845.72.

“The oil price drop (to about U.S. $46.5 per barrel of Brent) was against the Russian market – oil quotes were losing nearly 1% on API forecasts on the crude oil reserves and motor fuel growth in the U.S.,” Vasily Tanurkov, deputy head of investment company Veles Capital’s stock market analysis department, said.

One of the key factors of sales on the market was recently released China’s data showing a slowdown of the country’s economic growth, Igor Kovalyov, an analyst at InstaForex, said.

The ruble depreciation to around 64.8 against the U.S. dollar by the closing bell technically sped up the fall of the dollar-denominated RTS.

Preferred shares of telecom giant Rostelecom fell 1.6% as the company’s net profit plunged 60% on the year in July–September, as calculated under International financial Reporting Standards, Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.37	94.00	7.270
Gazprom	-0.43	135.00	4.155
Lukoil	+1.11	2548.00	2.421
MTS	-0.59	193.55	2.226
Rosneft	+3.28	266.00	1.376

(64.3908 rubles – U.S. $1)

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