Russian stocks fall in light of new EU sanctions, general pessimism

MOSCOW, May 31 (PRIME) -- The Russian stock market edged down on Tuesday in light of an agreement on a fresh package of sanctions, including a partial oil embargo, by the E.U. and general global negativity, analysts said.

The MOEX Russia Index fell 1.86% to 2,355.75 and the RTS decreased 0.63% to 1,208.12.

“The sanctions risks and a strong ruble continue to pressure the Russian stock market. The MOEX Russia Index finished the day lower after spending the entire session near the 2,365 mark. Tomorrow’s lifting of a ban on opening of short positions on Russian shares was another negative factor. Investors seems to have closed profitable positions,” Alexei Golovinov, chief analyst at PSB Bank, said.

Energy stocks including Surgutneftegas, Lukoil and Novatek were among the biggest losers after the E.U. had agreed on the sixth package of anti-Russian sanctions that will envisage a partial ban on Russian oil and oil products imports that will be effective in six to eight months, he also said.

Veles Broker analyst Yelena Kozhukhova said that the local stock market was additionally discouraged by a negative foreign environment with the external stock exchanges losing appetite for risk after several consecutive sessions of gains.

Golovinov said that metals and mining companies also underperformed with RUSAL and Polyus losing 5.81% and 1.49% without any evident reasons.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-2.34	293.75	5.838
Sberbank	-1.96	118.3	3.558
Lukoil	-3.76	4061.5	1.248
Rosneft	-2.1	377	1.012
Mechel prefs	-1.5	212.7	993

(63.0975 rubles – U.S. $1)

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