MOSCOW, Feb 10 (PRIME) – The overheated Russian stocks contracted on Wednesday, while external background sent mixed signals to the local market, analysts said.
The MOEX Russia Index fell 0.79% to 3,399.66 and the RTS decreased 0.66 % to 1,448.31.
“The Russian stocks tried to grow in the first few minutes of trade, but the MOEX Russia Index switched into the red zone in the middle of the day. As we noted previously, attempts of the index to get close to the historic highs face sales again. And this happens while the oil prices are growing. Still, if we look into dynamics of the external bourses, the European and U.S. markets are also inclined to consolidation,” Andrei Kochetkov, lead analyst for global research at Otkritie Broker, said.
Yelena Kozhukhova, analyst at Veles Capital, said that trading in Russian shares was impacted by the external background. The oil prices remained high during the day, while the European bourses provided a mixed signal -- the exchange indices were neutral, but the German government is thinking about prolongation of the coronavirus restrictions until the middle of March, a negative signal for the economy.
She said that investors could have taken profit on the overbought oil futures, which exerts downward pressure on the Russian market and the ruble.
Kochetkov also said that depositary receipts of TCS Group, which comprises Tinkoff Bank and Tinkoff Insurance, gained 1.98% to 3,543.40 rubles on inclusion into the MSCI Russia index. The inflow of investment into the securities from passive funds may reach U.S. $200 million.
Kozhukhova also said that shares of M.Video-Eldorado, Russia’s largest electronic goods and household appliances retailer, grew by 4.14% to 827.10 rubles as investors returned to pricing in the recent news about changes in the company’s dividend policy.
Below are the MOEX Russia Index’ five most active stocks on Wednesday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Sberbank | -1.28 | 265.53 | 15.592 |
| Gazprom | -2.13 | 222.87 | 8.625 |
| Norilsk Nickel | -0.86 | 25238.00 | 7.415 |
| Lukoil | -2.18 | 5571.00 | 6.860 |
| Yandex | +3.18 | 5310.80 | 6.836 |
(74.1192 rubles – U.S. $1)
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