Russian stocks fall sharply dragged by global negativity

MOSCOW, Mar 27 (PRIME) -- The Russian stock market edged down sharply on Friday, further away from the psychologically important levels of 2,500 and 1,000 following the negative external dynamics, analysts said.

The MOEX Russia Index fell 3.75% to 2,401.11 and the RTS lost 6.07% to 955.34.

“The MOEX Russia and the RTS indices continued a further fall from the psychologically important levels of 2,500 and 1,000, dragged by correction on the global exchanges,” Veles Broker analyst Yelena Kozhukhova said.

Foreign markets achieved their medium-term growth targets and reversed downwards, which is a worrying signal for bulls, she added.

The U.S. benchmarks, the European stock exchanges and oil prices edged down during the day.

Andrei Kochetkov said that the markets were pulled by the European government’s inability to cooperate in fighting the spread of coronavirus and their intention to take a 2-week break to make the decisions.

Metal and mining group Mechel, TCS Group, which includes Tinkoff Bank and Tinkoff Insurance and diamond miner ALROSA were among the biggest losers falling by over 5.8%.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-4.09	180.38	20.992
Gazprom	-3.86	174.5	9.801
Lukoil	-5.74	4430	9.524
Norilsk Nickel	-3.95	19306	9.041
Rosneft	-4.24	302.8	4.230

(78.7223 rubles – U.S. $1)

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