Russian stocks edge down in correction after 10 sessions of growth

MOSCOW, Apr 11 (PRIME) -- The Russian stock market edged down on Thursday in an expected downward correction following 10 consecutive sessions of growth, analysts said.

The MOEX Russia Index slid 1.05% to 2,551.45 and the RTS declined 1.37% to 1,245.17.

“The Russian stock market turned into a long-awaited downward correction following 10 consecutive sessions of advance. The MOEX Russia Index lost less than one percent point, but the correction may deepen,” Alor Broker analyst Yegveny Kiryukhin said.

The global environment looks moderately positive with European benchmarks and U.S. indices futures seen in the green territory, and crude prices losing around 1%, but still consolidating  near local record highs, he added.

Top bank Sberbank, which had grown by almost 20% since late March, was trading just slightly worse than the market and showed no signals to a steep fall, Kiryukhin added. The stock slid 1.98% to 238.86 rubles.

Otkritie Broker analyst Andrei Kochetkov said that national gas giant Gazprom lost a significant 2.97% to 238.86 rubles as investors were disappointed with the management board’s recommendation on the 2018 dividends at 246.9 billion rubles, or 10.43 rubles per share.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank, common	-1.98	238.86	25,595
Gazprom	-2.97	158.04	7,213
Lukoil	-1.09	5630	4,018
Rosneft	+1.29	431	2,581
Sberbank, preferred	-1.65	203	2,278

(64.7373 rubles – U.S. $1)

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