Russian stocks fall pulled by discouraging external environment
MOSCOW, Jun 15 (PRIME) -- The Russian stock market weakened on Friday on the back of global trade war concerns, sliding crude and the central bankТs decision to keep the key rate unchanged, analysts said.
The MOEX Russia Index fell 0.71% to 2,237.53 and the RTS dropped 2.10% to 1,117.04.
УA negative external background triggered a decline of the Russian stock market. The market was additionally pressured by the central bankТs decision to postpone the switch to a neutral monetary policy,Ф Yevgenia Abramovich, head of the currency risks analysis department at Swiss brokerage house Dukascopy Bank S.A., said.
The board of directors of RussiaТs central bank has decided to keep the key rate at 7.25% annually.
Anastasia Sosnova, analyst at Freedom Finance, said that the local market was discouraged by global pessimism linked with the U.S.Т decision to impose a 25% import duty on U.S. $50 billion of goods from China. China promised retaliatory measures which may lead to escalation of the trade war and serious consequences for international trade.
Crude was seen weakening amid expectations of a gradual increase of oil production by members of the OPEC+ oil output reduction agreement which may be negotiated at their next meeting in Vienna on June 22. The Brent crude price fell more than 3.5% to around $73.2 per barrel.
Otkritie Broker analyst Andrei Kochetkov said that the market was still impacted by a recent decision of the government to raise value added tax (VAT) to 20% from 18%.
Below are the MOEX Russia IndexТs five most active stocks on Friday:
|Company||Change, %||Last price, rbl||Trading volume, bln rbl|
(62.2511 rubles Ц U.S. $1)