Russian stocks retrench as oil prices correct downwards

MOSCOW, Sep 17 (PRIME) -- The Russian stock market eased on Tuesday, as oil prices corrected downwards after a growth on Monday, and foreign markets fell, analysts said.

The MOEX Russia Index fell 0.47% to 2,820.86, and the RTS index decreased 1.05% to 1,381.50.

“A positive impulse from a moderate rise of oil quotations gave way to cautiousness due to the dynamics of foreign markets,” Sergei Deineka, financial analyst at BCS Premier, said.

Andrei Kochetkov, senior analyst at Otkritie Broker, said that the Russian stock market trend followed the oil price one.

The Brent slid 6.51% to U.S. $64.53 as of 5:52 p.m., Moscow time, according to ICE Exchange.

Deineka said that despite the oil prices stabilized after an attack on large oil infrastructure units of Saudi Arabia, an uncertainty over the terms of recovery of the damaged refineries and the outcomes for the market balance in the long term, and on the future policies of OPEC started to outweigh an earlier optimism.

Besides, the U.S.–Iran tensions have strengthened lately as the U.S. authorities accused Iran of staging the attacks, Deineka said.

Yaroslav Kabakov, director for strategies at investment company Finam, said that the Chinese markets closed in the red zone as the industrial output rise slowed down to 4.4% in August, and retail sales rise was also lower than analysts’ estimates. 

According to Kochetkov, Sistema grew 3.3% as it had started a buyback program for up to 300 million shares for 3 billion rubles .

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.24	235.89	13.128
Rosneft	-0.37	428.1	6.740
Gazprom	-0.55	233.58	6.621
Lukoil	-1.56	5472.5	5.557
Surgutneftegas	-3.3	36.455	3.767

(63.8272 rubles – U.S. $1)

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