Russian stocks decline as Ukrainian conflict escalates
MOSCOW, Apr 6 (PRIME) -- The Russian stock market decreased on Tuesday on the back of escalation of a conflict on the east of Ukraine, analysts said.
The MOEX Russia Index fell by 0.88% to 3,493.89, and the RTS index decreased by 2.08% to 1,426.86.
"The local market was in the red zone although a positive mood prevailed in Europe and the oil prices grew. The sanctions risks because of escalation of tension in Ukraine became the central issue," Andrei Kochetkov, leading analyst for global research at Otkritie Broker, said.
"The positions of Russia and Western countries differ significantly, which might become the reason for a new round of restrictions, although they can be introduced after April 22Ц23. A climate summit in the U.S. was scheduled for the dates, and Russia and China were invited."
Veles Capital analyst Yelena Kozhukhova said that the oil market trend was positive as Brent and WTI grew 1.5%, correcting after MondayТs decline. The European markets mostly rose on the back of global optimism after the Easter holidays. The U.S. stock market fell with the futures for the S&P 500 falling 0.2% in downward correction.
Kochetkov said that the gold producers were the leaders on the back of growing gold prices and as protective assets.
Magnit and X5 Retail Group were the weakest shares, falling 2.47% and† 2.39% respectively, as investors doubted that the retailers would continue to grow robustly because of the falling consumer income. Magnit can also spend a considerable amount on the launch of an office in Uzbekistan.
Below are the MOEX Russia IndexТs five most active stocks on Tuesday:
|Company||Change, %||Last price, rbl||Trading volume, bln rbl|
(76.6052 Ц U.S. $1)