Russian stocks fall pulled by negative oil price dynamics

MOSCOW, Nov 13 (PRIME) -- The Russian stock market decreased on Tuesday following the negative crude price dynamics, analysts said.

The MOEX Russia Index lost 0.79% to 2,374.94 and the RTS sank 1.32% to 1,100.05.

“European stock exchanges traded slightly higher, but a slide of crude to the ‘bear phase’ appeared to be more important for the Russian stock market. Producers are ready to reduce the output only verbally yet, but in fact there is excessive supply. Oil stocks were consequently under pressure,” Otkritie Broker analyst Andrei Kochetkov said.

The Brent oil price has broken through a low of U.S. $68 per barrel for the first time since April after U.S. President Donald Trump criticized Saudi Arabia and OPEC’s plans to reduce production, and OPEC said in a report that Russia had hit a new post-Soviet oil production record in October.

The Moscow Exchange’s MICEXO&G oil and gas index fell 1.39% with the country’s largest crude producers Rosneft and Lukoil being the biggest losers. The stocks slid 4.29% to 443.6 rubles and 3.3% to 4,959.5 rubles, respectively.

Forex Club analyst Ivan Marchena said that independent gas producer Novatek added 2.77% to 1,087.5 rubles backed by the news that it shipped the first batch of liquefied natural gas (LNG) to China National Offshore Oil Corporation (CNOOC).

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.13	196.56	15.499
Lukoil	-3.3	4959.50	6.237
Gazprom	-1.37	148.83	4.275
Rosneft	-4.29	443.60	3.598
ALROSA	-0.83	102.30	1.565

(67.5238 rubles – U.S. $1)

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