Russian stocks fall on negative global backdrop, falling oil prices

MOSCOW, Jun 6 (PRIME) -- The Russian stock market decreased on Tuesday on an unfavourable geopolitical situation and falling oil prices, analysts said.

The MOEX Russia Index fell 0.48% to 2,681.25 and the RTS decreased 0.97% to 1,038.18.

“The aggravation of the geopolitical situation, coupled with a drop in oil prices, resulted in a sell-off of shares,” Natalya Milchakova, leading analyst of Freedom Finance Global, said.

Certain pressure on the Russian stock market could be exerted by the forecast of the World Bank assuming the slowdown of the world economy growth this year to 2.1% from 3.1% a year earlier, the analyst added.

The price of Brent oil fell by 0.38% to U.S. $76.42 a barrel amid fears of oversupply of hydrocarbons in the world, Milchakova also said.

“The overbought market has caught up with the Russian market. The correction, which was long overdue, reached the Russian market,” Otkritie Broker’s leading analyst for global research Andrei Kochetkov said.

Ozon depositary receipts looked significantly better than the market due to optimistic forecasts, which suggest an increase in turnover by 70% this year, and news about the entry into the markets of Kyrgyzstan and Armenia in June and September, Milchakova said.

The biggest drawdowns by the end of the session were seen in shares of Rosseti on Vladimir Putin’s order to provide for a waiver of dividend payments for Rosseti for the period from 2022 to 2026 in order to finance its investment program, Veles Capital’s Yelena Kozhukhova said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.49	240.66	21.191
Lukoil	-0.84	5123	10.265
Polyus	+1.19	10303.5	8.608
VTB Bank	+2.05	0.022355	4.209
Sovcomflot	+1.99	89.8	3.132

(81.3294 rubles – U.S. $1)

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