Russian stocks fall on inflation anxiety, blue chips’ pressure

MOSCOW, Nov 24 (PRIME) -- The Russian stock market fell on Wednesday, pressured by the market blue chips’ downward momentum, as well as investors’ irrepressible fear of inflation risks, analysts said.

The MOEX Russia Index fell 0.25% to 3,950.56 and the RTS decreased 0.11% to 1,660.59.

“The MOEX Russia Index was under light pressure from the ‘chips’ of the stock market (such as Gazprom and Sberbank). … Deteriorating sentiment in the world markets and further strengthening of the dollar after the publication of the U.S. data also contributed to the negative sentiment in the market,” Yegor Zhilnikov of PSB Bank said.

According to Yelena Kozhukhova of Veles Capital, moderate pessimism prevailed on global stock exchanges today, which had a negative impact on Russian assets. Nervousness concerning inflation risk still remains a major factor for the market, Kozhukhova said.

Alexandra Ovchinnikova of Sber Asset Management said that the Russian stock market demonstrated multidirectional dynamics, and remained highly volatile, as the Russian ruble remained under pressure due to geopolitical tensions and weak appetite of foreign investors, and stabilized under the level of 75 rubles per U.S. dollar.

Crude oil was losing 0.3% slightly above the U.S. $82 level as of mid-day, Dmitry Babin of BCS Investment Group said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-1.87	335.37	29.479
Sberbank	-1.91	320.6	23.846
Lukoil	+0.13	6838.5	8.901
TCS Group	-2.88	6845	5.867
Surgutneftegas	+3.44	41.16	5.706

(74.8327 rubles – U.S. $1)

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