Russian stocks fall as markets correct down after lengthy growth

MOSCOW, Apr 11 (PRIME) -- The Russian stock market corrected downwards on Tuesday following four weeks of growth in a row, analysts said.

The MOEX Russia Index fell 0.54% to 2,533.69 and the RTS decreased 1.06% to 973.39.

“The Russian market started correction after four consecutive weeks of growth… (The MOEX Russia Index) can potentially return to the level of 2,500 and test it as a support line,” managing company Pervaya analyst Ivan Kapustyansky said.

The correction started despite a positive external background with the Brent oil price consolidating at the levels that were reached previously, and generally optimistic sentiments on the global markets, he added.

Kapustyansky said that the transportation and the financial sectors were among the worst performers on the local bourses.

Veles Broker analyst Yelena Kozhukhova said that banking group TCS Group, Novorossiysk Commercial Sea Port (NCSP) and oil company RussNeft fell after strong previous growth.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.47	218.94	20.058
Gazprom	+1.02	176.32	19.467
Polymetal International	+2.84	644	4.199
Lukoil	-0.12	4645	3.833
Polyus	-0.08	9658.5	3.617

(81.7441 rubles – U.S. $1)

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