Russian stocks rise in line with increasing oil prices

MOSCOW, Nov 1 (PRIME) -- The Russian stock market grew on Wednesday in spite of contraction of the foreign stock floors because the rising oil prices supported the national shares, analysts said.

The MOEX Russia Index rose 0.17% to 3,206.52 and the RTS increased 0.79% to 1,088.42.

“The MOEX Russia Index managed to climb above 3,200 at the end of the trading session on Wednesday. The market showed mixed dynamics, but the bulk of the securities grew. The rising prices for oil made the highest impact on the market with the Brent oil price again trading above U.S. $86 per barrel,” Alexei Golovinov, senior analyst at Promsvyazbank, said.

The shares of oil companies Lukoil, Rosneft, and Gazprom Neft outperformed the market and rose by 1.26%, 1.37%, and 1.62%, respectively, Golovinov said, adding that the bears may return to the Russian market soon.

“The falling trade volumes even when the indices grow show that investors are not ready to expand their positions,” he said.

Otkritie Research expert Andrei Kochetkov said that the Russian market showed moderate growth.

“The ruble replaced the morning weakness with a growth and breaking through the 93 rubles per U.S. dollar threshold again. The rising oil prices invigorated the shares of oil companies, while the shares of housing construction firms corrected the deep dive of the several previous days,” Kochetkov said, adding that real estate developer PIK Group gained 2.05% to 722 rubles.

Managing company Pervaya’s portfolio manager Sofiya Kirsanova said that the Russian stock market grew in spite of the sales on the global stock floors.

“The MOEX Russia Index regained some ground today after two days of contraction. We still see prospects for it to increase by up to 30$ in the medium term until the end of 2024, but the expanding attractiveness of bonds may slow down its dynamics,” Kirsanova said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.24	269.00	4.909
Mechel	+1.00	269.50	4.134
Lukoil	+1.26	7240.50	3.875
Gazprom	+0.98	169.52	3.023
Yandex	+0.97	2637.40	1.895

(92.0226 rubles – U.S. $1)

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