Russian stocks fall on decision to introduce metals exports duties

MOSCOW, Jun 24 (PRIME) -- The Russian stock market decreased on Thursday mostly pressured by the government’s decision to introduce duties on metals exports, analysts said.

The MOEX Russia Index fell 0.36% to 3,823.44 and the RTS decreased 0.08% to 1,664.94.

“The domestic market started neutrally, although the RTS index has been gaining some time due to the strengthening of the ruble. In fact, it is the strengthening of the ruble, coupled with the negative dynamics of oil and industrial metals, that puts pressure on Russian shares. Plus, the government has already prepared certain proposals for the withdrawal of excess profits from metals firms,” Otkritie Broker analyst Andrei Kochetkov said.

Metals companies were among outsiders, as the Economic Development Ministry suggested introducing temporary duties on metals exports from August 1 till December 31.

Metals giant Norilsk Nickel decreased 3.69%, steelmaker Novolipetsk Steel (NLMK) went down 3.92%, aluminum giant UC RUSAL dropped 7.24%.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Norilsk Nickel	-3.69	24402.00	16.217
Gazprom	-0.2	276.80	11.319
Lukoil	+1.9	6759.00	9.614
Severstal	-0.32	1595.40	8.433
Rosneft	-0.78	566.00	8.379

(72.6671 rubles – U.S. $1)

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