MOSCOW, Jul 11 (PRIME) -- The Russian stock market decreased on Thursday as investors switched their attention to foreign trade disagreements after the U.S. Federal Reserve System (Fed) stated its position on a rate cut, analysts said.
The MOEX Russia Index decreased 1.17% to 2,789.66, and the RTS Index fell 0.62% to 1,398.88.
“On Thursday, July 11 investors in the Russian market preferred taking profit in the assets which have gained most lately, despite the optimism, which the Asian markets demonstrated at the end of the session,” Sofya Kirsanova, senior analyst at managing company Raiffeisen Capital, said.
Konstantin Bushuyev, head of the market analysis department at Otkritie Broker, said market growth drivers were exhausted after Wednesday’s surge on the back of a speech by head of the U.S. Fed Jerome Powell.”
According to Kirsanova, market participants probably refocused on international trade issues and the economic statistics “where there are fewer reasons to be euphoric,” after Powell outlined the Fed position that the key rate can be reduced in July due to a low inflation.
BCS Premier senior analyst Anton Pokatovich said that the oil prices soared above U.S. $67 per barrel on growing interest to risk, a starting hurricane in the Gulf of Mexico, new conflicts in the Strait of Ormuz, and also growing concerns about rising output of enriched uranium by Iran.
Below are the MOEX Russia Index’ five most active stocks on Thursday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Gazprom | -1.2 | 247.2 | 10.651 |
| Sberbank | -1.01 | 241.3 | 8.036 |
| Lukoil | -1.77 | 5270 | 3.798 |
| VTB | +0.16 | 0.044 | 3.741 |
| ALROSA | -2.49 | 82.52 | 2.322 |
(63.7988 rubles – U.S. $1)
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