Russian stocks grow as China Evergrande hopes for better

MOSCOW, Sep 21 (PRIME) -- The Russian stock market increased on Tuesday after statements of China Evergrande's chairman, which sparked global hopes that the Chinese construction sector demand will not fall abruptly, analysts said. 

The MOEX Russia Index grew 0.02% to 3,970.48, and the RTS Index increased 0.60% to 1,710.90.

"The Russian market is growing because of a quite positive external background. The executives of China Evergrande said that the company would manage to 'walk out of its darkest moment'. Construction companies recovered nicely in Hong Kong," Andrei Kochetkov, Otkritie Broker senior analyst, said.

The analyst said that oil and industrial metals increased on hopes that the Chinese authorities would not allow a crisis to develop in the construction sector.

Besides, the gas price in Europe exceeded U.S. $900 for 1,000 cubic meters, which was also a positive factor for Russia, he said.

Dmitry Bedenkov, head of the research department of RUSS-INVEST, said that Asian markets remained closed, which brought about a suspense over their reaction to the China Evergrande news.

He added that oil prices were favorable for the Russian market, rising 1% to $75 per barrel.   

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+2.55	334	22.661
Sberbank	-1.36	322.48	14.346
Lukoil	+0.52	6585	5.705
Norilsk Nickel	+0.12	22536	4.780
Rosneft	+1.51	560.85	4.634

(73.3315 – U.S. $1)

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