Russian stocks fall on oil price, foreign markets' decrease

MOSCOW, Jun 9 (PRIME) -- The Russian stock market eased on Tuesday on the back of a decline of oil prices and Western markets, analysts said.

The MOEX Russia Index fell 0.01% to 2,795.90, and the RTS Index decreased 0.34% to 1,284.31.

"The day started with a growth of local indices but oil has failed to maintain growth and forced the optimists retreat. The European indices also fell hinting at a long-expected correction of too strong  hopes for fast recovery after the COVID-19," Andrei Kochetkov, senior analyst at Otkritie Broker, said.

"The Russian market is not overbought as strongly as the American one but the oil factors still pressures it. Income of the energy industry at oil about U.S. $40 will strongly differ from last year's, when oil was 50% more expensive. This is why uncertainty about the oil quotations immediately translates into uncertainty about the entire Russian market and the ruble." 

Kochetkov said that the oil quotations remained under the pressure on the news that additional voluntary oil output reduction by Saudi Arabia, the United Arab Emirates and Saudi Arabia would end in July. Besides, Goldman Sachs said that the current oil price rally is about to stop as restart of uncontrolled oil production outside the OPEC plus could resume.  

Yaroslav Kabakov, director for strategy at investment company Finam, said that the Western markets focused on poor German statistics and worries ahead of a meeting of the U.S. Federal Reserve System.

Germany's trade surplus decreased to 3.2 billion euros in April, while investors forecasted 10 billion euros. As a result, the DAX index slid 1.5%, Kabakov said.

Kabakov said that Russian gold companies were the market leaders as the price of gold as a protective asset grew to $1,725 per ounce.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.39	217.23	15.046
Lukoil	+0.99	5425	7.452
Gazprom	-0.03	204.84	7.195
Norilsk Nickel	-1.24	20248	5.756
Aeroflot	-3.45	92.4	5.648

(68.3123 rubles – U.S. $1)

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