Russian stocks fall on lower oil prices, investor pessimism

MOSCOW, Mar 28 (PRIME) -- The Russian stock market contracted on Monday on falling oil prices and a pessimistic investor mood, analysts said.

The MOEX Russia Index fell by 2.15% to 2,430.70 and the RTS decreased by 0.79% to 823.04.

“The external background on Monday was moderately negative. The oil prices fell despite ate,pts to grow on Friday, while the investor mood on the foreign stock exchanges were mainly pessimistic,” Yelena Kozhukhova, analyst at Veles Capital, said.

The oil prices fell in spite of continuous geopolitical tensions in Europe and the Middle East and lower chances of success in the nuclear negotiations with Iran. The oil market is concerned with a possible slowdown of demand growth due to continuous lockdowns in China, Kozhukhova said.

The Brent oil price lost 4.302% to U.S. $115.46 per barrel as of 1.49 p.m. Moscow time, according to the ICE exchange.

Roman Blinov, senior analyst at investment company Russ-Invest, said that the common drivers and triggers that affect trade on the Asian and Western bourses did not work for the Russian market anymore.

“Russia’s military operation is going on, sanctions are being imposed, rhetoric of the Western world and the U.S. in the first place is understandable. The key question now is Russia’s response to the sanctions and possible strengthening of the sanction pressure on our country,” he said.

The shares of fertilizer producer PhosAgro again were among the gain leaders adding 20.05% to 8,345 rubles, while national flagship carrier Aeroflot also outperformed the market rising by 3.03% to 25.86 rubles.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-3.70	218.60	5.638
Sberbank	-4.94	125.00	4.204
PhosAgro	+20.05	8345.00	3.637
Norilsk Nickel	-1.04	20850.00	1.646
Lukoil	-1.69	5118.00	1.164

(95.6618 rubles – U.S. $1)

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