Russian stocks mixed, recover losses on oversold ruble

MOSCOW, Apr 10 (PRIME) -- The MOEX Russia Index rose on Tuesday after a slump on Monday as shares became attractive against the oversold ruble, and the U.S. dollar-denominated RTS edged down, analysts said.

The MOEX Russia Index grew 3.96% to 2,173.76 and the RTS Index fell 0.38% to 1,090.79.

“The MOEX Russia Index has started an upward correction today since the middle of the day on the back of continuing weakening of the ruble. The ruble has lost almost 8% against the U.S. dollar since last Friday and now trades close to 63 per U.S. dollar,” Vladimir Vedeneyev, director of Raiffeisen Capital’s portfolio management department, said.

He said that Monday’s selloffs were emotional and the real risks are unclear.

According to Andrei Kochetkov, an analyst at Otkritie Broker, foreign markets were optimistic about easing of trade war rhetoric as China’s President Xi Jinping promised liberalization of financial services affordability and changes in industry regulations.

Sberbank remained under pressure on statements by the executives about its possible losses from the sanctions, he said. Investors are also concerned about connections between Sberbank and the blacklisted companies.

MefaFon fell 4.57% on the news that some blacklisted individuals own its shares.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.85	214.8	53.264
Gazprom	+5.03	141.8	8.897
Lukoil	+7.73	3900	8.331
Norilsk Nickel	+6.98	9810	6.717
Sberbank pref	-0.55	186.8	5.674

(58.5714 rubles – U.S. $1)

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