Russian stocks neutral on marginal oil price dynamics

MOSCOW, Aug 28 (PRIME) -- The Russian stock market closed with little changes on Monday on low trading volume, following weak dynamics on the oil market, analysts said.

The MICEX grew 0.40% to 1,987.15 and the RTS increased 0.78% to 1,068.75.

“The new trading week started with sluggish trading on the Russian stock market. The MICEX was drifting close to the opening level, focused on a notch of 1,980,” InstaForex analyst Igor Kovalyov said.

Mikhail Mashchenko, an analyst at eToro, said that U.S. oil producers have started to suspend their works as the Harvey storm and supplies from several large Libyan deposits stopped but oil market quotations practically did not change.

Andrei Kochetkov, an analyst at Otkritie Broker, said that weakening of the U.S. dollar supported Russian assets. Kovalyov said that the RTS was growing on a stronger ruble.

Recent comments by the central bank signaling that it can raise the economic growth forecast for 2017 at the September meeting also supported the Russian market amid a mostly negative mood on foreign markets, he said.

Sistema was the market outsider as the court postponed hearing of an appeal against asset arrest to September 4, Kovalyov said.

Below are the MICEX’ five most active stocks on Monday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Otkritie FC Bank	-0.46	1309	13.955
Sberbank	+0.74	181.85	5.056
Gazprom	+0.76	118.75	1.921
ALROSA	+2.98	81.15	1.863
Magnit	+2.05	10000	1.382

(59.1476 rubles – U.S. $1)

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