Blue chips again kicked off in the red on Friday. This time around, Asian stock markets dragged domestic equities down. The Japanese Nikkei 225 Index plunged over 5%. In the afternoon, Russian shares posted robust gains on news that the US Fed unexpectedly cut the discount rate by 0.5%. By the final bell, the RTS Index gained 2.22% to 1,860.70 and the MICEX Index rose 2.40% to 1,637.81. Crude futures gained 2%, which drove up oil stocks. Tatneft shot up 4.63%, Rosneft jumped 2.12%, Lukoil gained 2.05%, Gazprom advanced 1.95% and Gazprom Neft closed 1.33% higher. Sberbank shares spiked 4.74% on news of the Feds discount rate cut. However, VTB lost 0.34%. UES underperformed the market, with commons inching up a mere 0.33% on MICEX and prefs tumbling 0.16%, since these stocks have seen moderate losses compared to other domestic equities in recent days. Other liquid names closed in the black on MICEX. MTS climbed 1.49%, Rostelecom surged 4.25% and NorNickel rose 1.37%. Market turnover picked up to $74.32 mln on benchmark RTS and $8,741.46 mln on MICEX.
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[Source: Russian Stock Market Blog]
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