Yandex dive drags Russian stocks to red zone despite good environ

MOSCOW, Oct 11 (PRIME) -- The Russian stock market was consolidating in the positive territory during the day on Friday thanks to the support of crude prices testing a U.S. $60 per barrel resistance line, but fell into the red at the end of the trading session following diving IT company Yandex, analysts said.

The MOEX Russia Index dropped 0.49% to 2,708.07 and the RTS slid 0.10% to 1,329.63.

“The MOEX Russia Index and the RTS bounced back from the day’s highest at the end of the trading session although the external environment remained positive,” Veles Broker analyst Yelena Kozhukhova said.

Yandex lost substantial 18.44% to 1,898 rubles amid threats of limitation of foreign capital in important IT companies under a law, whose draft had been considered by the State Duma, the parliament’s lower house, on Thursday, Kozhukhova also said.

Otkritie Broker analyst Andrei Kochetkov said that the ruble, which had been strengthening for the second consecutive day, pressured the domestic exporters. Gold producer Polyus and raw diamond mining giant ALROSA were among the biggest losers falling 3.59% to 7,260 rubles and 3.55% to 70.6 rubles, respectively.

Energy companies including Lukoil, Tatneft and Gazprom were among the top performers thanks to rising crude prices, which demonstrated attempts to break through a $60 per barrel resistance, Kochetkov also said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Yandex	-18.44	1898	11.896
Sberbank	+0.79	230.31	8.629
Lukoil	+2	5425	4.487
Gazprom	+1.28	227.37	4.167
ALROSA	-3.55	70.6	1.644

(64.7416 rubles – U.S. $1)

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