Russian stocks slide amid negative external background

MOSCOW, Nov 10 (PRIME) -- Russian stocks slightly decreased on Tuesday due to a negative external background and weak China’s economic data, analysts said.

The MICEX fell 0.26% to 1,746.94 and the RTS decreased 0.14% to 854.08.

The Russian stock indices traded today with a bad mood due to new waves of concern over the world economy condition after a release of weak statistics from China and amid a pessimistic external background, Igor Kovalyov, an analyst at InstaForex, said.

The foreign environment was formed by a fall of Asian floors on the Chinese economy’s data, which included a lower than expected figure of the trade surplus balance and a higher than expected decrease in exports and imports. Moreover, the U.S. bourses opened with a decline as investors fear that the U.S. Federal Reserve System may increase its key rate in December.

“Sales on the local market happened due to intra-day worsening of the external background,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

The Brent oil December futures rose 0.317% U.S. $47.34 per barrel as of 6.41 p.m. Moscow time, according to the ICE exchange, as the International Energy Agency (IEA) said it still expects the oil price to rise to $80 by 2020, but it provided no support to the market.

“Oil stocks traded in the red zone as Economic Development Minister Alexei Ulyukayev said that the dynamics of decreasing oil export duties in 2017 are very unlikely to be kept in accordance with the oil tax maneuver. Ferrous metals stocks also fell due to expectations of prices for steel to decrease,” Mikhail Abramov, an analyst at Veles Capital, said.

Shares of Magnitogorsk Iron and Steel Works (MMK) and steelmaker Novolipetsk Steel (NLMK) fell 2.30% and 3.70%, respectively, in correction after a previous growth caused by strong financial results, Manzhos said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.51	94.35	6.656
Gazprom	-0.67	135.58	3.697
Lukoil	-0.40	2520.00	2.188
Norilsk Nickel	-0.26	9474.00	1.629
MTS	-2.89	194.70	0.982

(64.6606 rubles – U.S. $1)

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