Most blue chips kicked off 1-1.5% down on Wednesday after the US stock indexes lost over 1% and the Asian stock markets declined over 2%. Liquid names saw modest fluctuations in intraday trading. The CPI report did not produce any tangible impact on the market, since it was in line with expectations. By the closing bell, the RTS Index lost 2.02% to 1,886.83 and the MICEX Index was down 2.22% to 1,639.68. Oil shares drifted south in line with the market. Even a 1% rise in crude futures failed to lend support to domestic stocks. Surgut lost 2.77%, Tatneft declined 2.6%, Lukoil eased 2.43%, Gazprom receded 1.96%, Gazprom Neft tumbled 1.62% and Rosneft closed 1.29% lower. Bank shares again underperformed the market, since this sector is the hardest hit as a result of problems on the US mortgage lending market and a lack of liquidity on global financial markets. Sberbank commons lost 2.43% and prefs receded 3.42%. VTB fell 2.7%. UES outperformed the market, commons lost 1.17% and prefs fell 0.89%. UES shares were hovering around the buyback prices for shareholders which oppose the restructuring. Other liquid names closed in the red on MICEX. MTS lost 1.5%, Rostelecom dipped 1.65% and NorNickel eased 2.15%. Market turnover grew to $104.27 mln on benchmark RTS and picked up to $8,060.00 mln on MICEX.
Read More...
[Source: Russian Stock Market Blog]
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment