Russian stocks fall on oil price correction, poor backdrop

MOSCOW, Oct 13 (PRIME) -- The Russian stock market fell on Wednesday following slight correction in oil prices and negative external background, analysts said.

The MOEX Russia Index fell 0.47% to 4,243.92 and the RTS decreased 0.79% to 1,855.11.

“On Wednesday, the Russian market ended the trading session in a decline following the external background,” Yevgeny Linchik of Sber Asset Management said.

Yelena Kozhukhova, analyst at Veles Capital, said, “By the end of trading, the MOEX and RTS indices remained in the red, having received no significant support from external factors.”

According to Kozhukhova, gold stocks continued to outperform the market on the precious metal's push towards significant resistance of U.S. $1,800 per ounce on the back of accelerating inflation in the U.S.

TCS Group’s shares hit another historic high, rising to 7,677.6 rubles following the bank’s inclusion in the list of systemically important credit institutions, Kozhukhova said.

Alexei Golovinov of PSB Bank said that oil and gas companies, such as Gazprom, Tatneft, Rosneft and Lukoil, were the outsiders due to the drop in oil prices.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-1.44	358.85	31.852
Sberbank	+0.43	379.4	18.791
Lukoil	-0.86	7243.5	8.737
ALROSA	-2.74	139.68	7.392
Norilsk Nickel	+0.63	22670	5.518

(71.8801 rubles – U.S. $1)

End