Russian stocks fall on profit taking, foreign markets' decrease

MOSCOW, Sep 5 (PRIME) -- The Russian stock market declined on Tuesday on the back of profit taking in some companies and a fall on the key foreign stock markets, analysts said.

The MOEX Russia Index fell by 0.14% to 3,264.43, and the RTS index lost 1.17% to 1,050.99.

"The Russian stock market started declining by the middle of the session because of profit taking in some issuers and some deterioration of the external background," Veles Capital analyst Yelena Kozhukhova said.

TMK decreased 4,02% after a dividend cut-off. Rusagro corrected downwards 3.3% after a steep rise on Monday caused by hopes of revival of the grain deal, the analyst said.

Bank Saint Petersburg has started to rise confidently and added 4.22% to reach an August peak of 310 rubles.

"Obviously, interest to the company shares resumed by the prospect of dividend payment of 19.08 rubles per common share with the register closing on October 9 (the current yield of 6.3% is the highest recommended for the first half of the year so far)," Kozhukhova said.

Fix Price grew 1.76% ahead of publication of financial and operating results for January–June 2023 on Thursday.

Kozhukhova said that the foreign trading floors' mood was cautious after a release of weak macroeconomic statistics from the euro zone and China.

The Brent oil price was declining in the middle of the Russian session but made a U-turn and rose 1.16% to U.S. $90.05, after Russia and Saudi Arabia said they would prolong an oil output reduction until the end of 2023, analysts said.

Ivan Kapustyansky, analyst at managing company Pervaya, said that investors would avoid strong moves ahead of a meeting of the Russian central bank on the key rate on Friday. Continuation of bond interest decrease points to a further rate rise, he said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Rusolovo	+27.64	1.5575	10.206
Lukoil	+0.74	6900.5	7.583
Sberbank	-0.7	265.51	6.918
Gazprom	-0.72	179.8	6.630
Sollers	+19.92	1252	6.048

(96.6199 rubles – U.S. $1)

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