Russian stocks edge up on favorable global background
MOSCOW, Jun 10 (PRIME) -- Russian stocks firmed on Monday as a favorable global background, including better Chinese economic statistics and abating concerns about the U.S.–Mexico trade war, supported local trade, analysts said.
The MOEX Russia Index rose 0.48% to 2,742.59 and the RTS increased 0.74% to 1,335.71.
“The Asian stocks finished the day with a 1–2.3% increase, the European floors added 0.1–0.8% in the middle of the day. The optimistic mood of global investors was supported by a release of better-than-expected statistics on China’s exports for May, as it showed a 1.1% growth instead of a 3.9% contraction that people expected,” Sofya Kirsanova, analyst at managing company Raiffeisen Capital, said.
Another positive factor was the signing of an immigration deal between the U.S. and Mexico, thanks to which introduction of import duties on Mexican goods was avoided. Both events somewhat eased concerns of market players about a slowdown of the global economy, Kirsanova said.
“The Russian market traded neutrally showing slight positive dynamics…The market is ripe for a technical downward correction, but a lull on the international stock floors allowed all markets to punish those who trade in the short positions,” Yaroslav Kabakov, director for strategies at investment company Finam, said.
Andrei Kochetkov, analyst at Otkritie Broker, said that the MOEX Russia Index repeated its highest figure of 2,743 in the first half of the day thanks mainly to the shares of top bank Sberbank that were trading in the green for the last day before a dividend cut-off. Sberbank added 0.29% to 249 rubles.
Alexandra Ovchinnikova, junior analyst at investment company Freedom Finance, said that hydropower giant RusHydro gained 3.64% to 0.5927 rubles after the company signed an agreement with the republic of Karachayevo-Cherkessia to build small hydropower plants.
Below are the MOEX Russia Index’ five most active stocks on Monday:
Company | Change, % | Last price, rbl | Trading volume, bln rbl |
---|---|---|---|
Sberbank | +0.29 | 249.00 | 15.582 |
Gazprom | +0.69 | 232.10 | 7.100 |
Norilsk Nickel | +0.36 | 13852.00 | 5.570 |
Lukoil | +0.94 | 5181.00 | 3.116 |
Sberbank prefs | +0.23 | 220.10 | 2.527 |
(65.0395 rubles – U.S. $1)
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