Russian stocks go down on weak ruble, falling oil prices

MOSCOW, Dec 6 (PRIME) -- The Russian stock market decreased on Wednesday amid the continued weakening of the ruble, falling oil prices and the expectation of a key rate hike, analysts said.

The MOEX Russia Index fell 1.59% to 3,079.5 and the RTS decreased 1.96% to 1,045.28.

“On December 6, trading on Russian stock exchanges ended in the negative zone. The decline drivers for the main indices were a new wave of the weakening of the ruble, falling oil prices and expectations of another increase in the central bank’s key rate at the scheduled meeting on December 15,” Freedom Finance Global analyst Vladimir Chernov said.

The price of Brent oil fell 1.92% to U.S. $75.72 for the first time since July 6, while Urals oil cheapens 2.05% to $63.46, Chernov said.

Veles Capital analyst Yelena Kozhukhova said that the Russian stock market “remained in a significant minus” by the end of main trading, having failed to gain short-term optimism during Sberbank’s Investor Day.”

According to managing company Pervaya’s portfolio manager Sofiya Kirsanova, weak dynamics in the oil market, as well as increased risks of a new increase in the key rate continue to put pressure on quotations.

Magnit shares grew 0.31% on the news about the retailer's plans to open a chain of “super-small” stores, which may be the most profitable for the business, Kozhukhova said.

Most of Russian issuers were correcting today, she also said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-3.71	279.92	23.192
Mechel	-2.88	279.79	4.282
Lukoil	-1.62	7269	3.475
VTB Bank	-3.5	0.02288	2.499
Magnit	+0.31	6339	2.357

(91.5823 rubles – U.S. $1)

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