Russian stocks oversold, increase on recovery of US indices

MOSCOW, Feb 7 (PRIME) -- The Russian stock market rose on Wednesday after a Tuesday’s selloff on the back of a revival of U.S. stock market indices, analysts said.

The MOEX Russia Index rose 0.73% to 2,254.64 and the RTS Index increased 0.80% to 1,242.53.

“A large-scale recovery is being witnessed today on the Russian market after yesterday’s wide-scale selloffs. The improvement of the foreign background has had an immediately effect on moods of Russian investors but a new wave of Brent oil sales, which failed to hold on above the U.S. $67 notch, has held down the optimism to a certain extent,” Igor Kovalyov, an analyst at InstaForex group of companies, said.

U.S. stocks erased about a half of Monday’s losses on Tuesday on the news that the Congress had approved a draft budget, Vasily Oleinik, an analyst at investment company Finam, said.

Andrei Kochetkov, an analyst at Otkritie Broker, said that Sberbank decreased as investors are worried whether the bank can retain a high pace of profit growth.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.53	257.58	13.918
Gazprom	-0.42	141	4.687
Lukoil	+2.17	3735	3.200
Magnit	-1.25	4725	2.999
Norilsk Nickel	-0.35	11268	2.153

(57.2196 rubles – U.S. $1)

End