Russian stocks mixed on oil output cut, ruble correction

MOSCOW, Jul 3 (PRIME) -- The Russian stock market closed with mixed dynamics on Monday amid reduction of oil production in Russia and Saudi Arabia, and the ruble correction, analysts said.

The MOEX Russia Index fell 0.12% to 2,793.93 and the RTS increased 1.02% to 992.94.

“The Russian stock market on Monday by the end of the trading showed no significant changes in the ruble segment and rose in the dollar thanks to the ruble correction,”  Veles Broker analyst Yelena Kozhukhova said.

“The reduction of oil output by 1.5 million barrels per day, which started in Saudi Arabia on July 1, in addition to reduction by 500,000 barrels per day in Russia, provided a positive driver for the Russian stock market. These measures should contribute to higher energy prices and higher oil and gas revenues in Russia,” Natalya Milchakova from Freedom Finance Global said.

The external positivity is associated with the expectation of the Chinese government’s measures for the economy growth, which may become an additional driver for global gross domestic product growth, the analyst also said.

Magnit’s shares increased 2.5% on the last week news that its stock buyback from non-residents tripled to 30.37 million securities, or 29.8% of its capital, amid strong demand, Kozhukhova said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.76	243.82	10.172
Magnit	+2.5	5285	5.704
SmartTechGroup	0	3318	3.372
MTS	-2.48	289.4	3.2
Lukoil	+0.32	5095.5	3.044

(88.3844 rubles – U.S. $1)

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