Stocks fall as oil price decreases, Western bourses contract

MOSCOW, Jun 18 (PRIME) -- The Russian stock market fell on Friday in reaction to contraction on the Western bourses and a fall of oil prices after the U.S. Federal Reserve System changed its rate forecast, analysts said.

The MOEX Russia Index fell 0.42% to 3,802.95 and the RTS decreased 1.06% to 1,646.72.

“The Russian stock market continued its fall on Friday as it priced in the general worsening of the situation on the international bourses after the Federal Reserve System had changed their position. Downward correction of oil prices also exerts additional pressure on the Russian shares, while the positive impact of a successful summit between the Russian and U.S. presidents has fizzled out,” investment company Finam analyst Ig]or Dodonov said.

Andrei Kochetkov, leading analyst for global research at Otkritie Broker, also said that the global markets priced in the change in rate forecast by the Federal Reserve System.

“Strengthening of the U.S. dollar has stopped, and the commodity contracts try to grow, but sales in shares of resource companies continue in Europe, which impacts the Russian market. The sector of oil and gas was the weakest, while the fall in metals and mining did not exceed 0.3% on a rebound of the gold producers. The financial sector stayed in the green zone thanks to a spike of TCS Group,” Kochetkov said.

Yelena Kozhukhova, analyst at Veles Capital, said that the gold producers outperformed the market as the gold price tried to climb to U.S. $1,800 per ounce. Polyus gained 0.33% to 14,497 rubles, she said.

Alexander Osin, analyst at Freedom Finance’s department for trade operations on the Russian stock market, said that TCS Group grew by 5.58% to 5,743.80 rubles on the news about a 44% year-on-year growth of combined assets of Tinkoff Bank to 879 billion rubles.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.44	309.37	18.357
Gazprom	-0.42	271.35	13.538
Lukoil	-0.30	6649.50	12.052
Norilsk Nickel	+0.04	24980.00	8.636
ALROSA	-3.10	130.62	7.379

(72.5048 rubles – U.S. $1)

End %%md/jst%%