MOSCOW, Aug 10 (PRIME) -- Russian stocks decreased on Wednesday, because oil prices fell after the U.S. Department of Energy released statistics of higher oil reserves in the country, analysts said.
The MICEX fell 0.70% to 1,942.67 and the RTS decreased 0.77% to 946.63.
Lower oil prices put Russian stocks under pressure, Veles Capital’s analyst Yegor Dakhtler said.
“The market took a lead from OPEC’s report and statistics of U.S. oil reserves,” he said, adding that the oil reserves rose less than expected, according to data of the U.S. Department of Energy.
AMarkets’ analytical department head Artyom Deyev said investors were afraid that oversupply of oil will remain in the long term because Iran plans to raise supplies further, oil exports of Libya and Nigeria are likely to rise after a political situation in these countries stabilizes, and China may decrease imports, while its oil storages are almost full.
Oil company Bashneft rose 1.91% to 3,149 rubles after the Economic Development Ministry submitted a report on privatization of the producer to the government to approve terms of the deal, Dakhtler said.
The Moscow Exchange, still supported by results under International Financial Reporting Standards (IFRS) for April–June, added 1.26% to 119 rubles.
State-controlled telecom giant Rostelecom, whose IFRS net profit plunged to 1.601 billion rubles in April–June from 6.129 billion rubles in the same period of 2015, fell 1.71% to 86 rubles.
Below are the MICEX’ five most active stocks on Wednesday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Sberbank | -0.65 | 138.30 | 5.032 |
| Gazprom | +0.04 | 137.40 | 2.955 |
| Lukoil | -2.42 | 2738.00 | 2.370 |
| Norilsk Nickel | +0.78 | 9927.00 | 1.441 |
| Moscow Exchange | +1.26 | 119.00 | 1.035 |
(64.7848 rubles – U.S. $1)
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