Russian stocks fall despite better background, oil price growth

MOSCOW, Aug 16 (PRIME) -- Russian stocks continued to decline on Friday despite improved moods on global floors amid some rapprochement of positions of the U.S. and China on trade issues and resumed oil price growth, analysts said.

The MOEX Russia Index fell 0.40% to 2,615.20 and the RTS decreased 0.83% to 1,239.81.

“Russian indices could not develop an upward momentum, and after a short consolidation they switched to an active decline, which took place for some time despite the strengthening of the upward dynamics of global markets. And when oil went down in the middle of our trading session, Russian stock indicators only accelerated the reduction,” BCS Broker expert Dmitry Babin said.

“At the end of the Russian session, global stock indicators strengthened upward momentum, while oil prices recovered. Despite this, our indices remained under significant pressure and were trading near daily lows in a moderate minus,” he added.

Otkritie Broker analyst Andrei Kochetkov said, “At the beginning of the day, the Russian market was steadily trading in plus, but then buyers lost their confidence despite positive moods prevailing in Europe. Domestic investors also ignore the fact that Brent oil again rose above U.S. $59 per barrel.”

Oil and gas pipe producer TMK added 3.9% on solid financial results for January–June.

Metals and mining group Mechel was again among outsiders, with common shares falling by 4.73% and preferred shares losing 4.23%, after reporting weak financial results on Thursday.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.21	215.05	8.278
Gazprom	-1.07	224.71	5.683
Lukoil	-0.47	5000.00	5.237
Norilsk Nickel	-1.82	14652.00	1.929
ALROSA	+0.7	71.65	1.450

(65.8907 rubles – U.S. $1)

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