Russian stocks rise in rebound after loss

MOSCOW, Sep 28 (PRIME) --The Russian stock market grew on Wednesday in a rebound after losses in spite of an unfavorable external background, analysts said.

The MOEX Russia Index rose 0.53% to 1,963.86 and the RTS increased 2.00% to 1,074.57.

“The external background was not looking favorable for the market on Wednesday. The geopolitical risks and concerns around the dynamics of the global economy are still on an elevated level. … The Russian market tried to ignore this sentiment, … but its dynamics did not look like a U-turn, it looked like a rebound before a further contraction,” Finam analyst Alexei Kalachev said.

The stock indices of Southeast Asia fell after the World Bank worsened its outlook on the region’s economy significantly, while the European bourses slid because consumer confidence in Germany and France decreased. The prices for industrial metals are contracting as well, Kalachev said.

Veles Capital analyst Yelena Kozhukhova said that the Russian market remained in the green zone after falling from the highest intra-day figures because of sales on the foreign exchanges.

“The geopolitical tensions are rising, and they are threatening the economy of the entire world. Dividend expectations from the shares of Novatek, Gazprom, Samolet, and PhosAgro are unable to outweigh the geopolitical risks for now, although the struggle for short-term technical levels continues,” Kozhukhova said.

PhosAgro gained 1.07% to 7,101 rubles today as mass media reported about a possibility of the E.U. lifting its sanctions on supplies of Russian fertilizers, she said.

Internet company VK lost 4.37% to 359 rubles after it sold MY.GAMES to LETA Capital’s managing partner Alexander Chachava for U.S. $642 million. Revenue of MY.GAMES could have accounted for about 30% of VK’s combined revenue in 2022, and the corporate decision to sell the business could have been caused by the risks of new sanctions, Kozhukhova said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-2.28	212.34	16.151
Sberbank	-2.24	110.39	8.120
Yandex	+3.36	1770.80	2.982
Lukoil	+0.91	3900.00	2.304
Novatek	-2.78	957.40	1.883

(58.1756 rubles – U.S. $1)

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