Russian stocks edge down amid high volatility, profit taking

MOSCOW, Oct 1 (PRIME) -- The Russian stock market was highly volatile during the day and edged down at closing on Monday amid profit taking after a new all-time highest was reached, analysts said.

The MOEX Russia Index slid 0.13% to 2,472.22 and the RTS eased 0.06% to 1,191.28.

“Monday was a controversial day for the Russian stock market. On the one hand, the MOEX Russia Index hit its all-time record high of 2,490. On the other hand, volatility was very high with the index fluctuating by over 1% during the day,” investment company Veles Capital said.

Alor Broker analysts said that investors have started taking profit.

Otkritie Broker analyst Andrei Kochetkov said that traders were mainly focused on energy stocks backed by strong crude prices. The Moscow Exchange’s oil and gas MICEXO&G outperformed the market rising 0.22%.

He added that the international trade risks have faded after the U.S., Canada and Mexico managed to strike a new trade deal which is a positive driver for the global stock market. 

Aluminum giant UC RUSAL was among the top gainers adding 1.53% to 28.49 rubles on rumors that the Industry and Trade Ministry had prepared a bill to lift a 2013 ban on the sales of beer and alcoholic drinks in aluminum cans to help the sanction-hit business of tycoon Oleg Deripaska.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.43	204.2	11.201
Lukoil	-0.12	5016	4.762
Magnit	-0.26	3825	3.003
Gazprom	-0.44	161.89	2.579
Rosneft	+0.21	494.05	1.852

(65.5906 rubles – U.S. $1)

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