Russian stocks fall on weak oil, profit taking, global negativity

MOSCOW, Dec 4 (PRIME) -- The Russian stock market decreased on Monday amid falling oil prices, profit taking and unfavorable global background, including possible cooling of the Chinese economy, analysts said.

The MOEX Russia Index fell 0.89% to 3,114.41 and the RTS decreased 1.67% to 1,076.99.

“Negative market dynamics is due to cheapening oil and concerns about the key market for the Russian Federation, China, where there are signs of cooling economy,” Otkritie Research’s expert Andrei Kochetkov said.

“Chinese import and export data will be released this week. Expectations about the statistics are mostly pessimistic. Plus, Europe may completely abandon Russian metal supplies,” the analyst said.

The MOEX Russia Index today intensified its decline amid weak dynamics on the oil market, as well as due to sell-offs on global platforms, managing company Pervaya’s analyst Ivan Kapustyansky said.

“Brent oil is declining for the third consecutive trading session, trading below U.S. $79 per barrel. Trading participants continue to assess the outcome of the OPEC+ meeting held last week,” the analyst said.

According to Yelena Kozhukhova from Veles Capital, the Russian stock market by the end of the main trades was in the negative due to the continuation of profit taking by most issuers, although it retreated from the lows of the day.

Polymetal shares outperformed the market rising by 3.68% as gold prices jumped to $2,152 per ounce during the Asian session, to an all-time high, before retreating below the previous all-time peak of $2,089 per ounce and losing about 2% by the evening, the analyst said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.37	272.95	8.735
Mechel	-0.29	286.88	4.18
Lukoil	-0.35	7150.5	4.158
Yandex	-1.39	2387	2.767
Gazprom	-1.25	160.57	2.632

(89.7619 rubles – U.S. $1)

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