Russian stocks keeps correcting down after extraordinary growth

MOSCOW, Jun 5 (PRIME) -- The Russian stock market corrected down on Wednesday following a steep growth on Monday ahead of ex-dividend dates of major companies and thanks to oil market pessimism, analysts said.

The MOEX Russia Index fell 0.16% to 2,701.84 and the RTS went down 0.32% to 1,303.35.

“The Russian stock market again spent the day in the red territory despite a good external background… The fall is still seen as a correction following the previous extraordinary growth,” Yevgeny Koryukhin, Alor Broker’s analyst, said.

VTB Bank performed better than the market rising 4.09% to 0.0387 rubles on CEO Andrei Kostin’s hopes to return to paying 50% of the International Financial Reporting Standards (IFRS) net profit in dividends in the future, the analyst added.

Otkritie Broker analyst Andrei Kochetkov said that the market was discouraged by the upcoming ex-dividend dates of large companies.

Oil companies were among the biggest losers thanks to the pessimistic sentiment on the crude market, he also said. Tatneft and Rosneft slid 1.46% to 755.7 rubles and 2.02% to 426.2 rubles, respectively. 

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.27	239	12.596
Gazprom	-0.07	230.01	9.253
Lukoil	-1.3	5103	4.681
VTB Bank	+4.09	0.0387	3.382
Norilsk Nickel	-0.17	13772	2.151

(65.1614 rubles – U.S. $1)

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