On Tuesday, Russian trading saw modest sell-offs, with volumes picking up a couple of hours before the final bell. This trend stems from renewed weakness on global equity markets: the day before U.S. markets closed out in the red following the release of soft data from the real estate markets, with European and Asian bourses following suit Tuesday. Second home sales in the United States dropped 0.2% to 5.75 mln homes on an annualized basis in July against expectations of a 0.9% decline. Meanwhile, last month the number of unsold homes rose 5.1% to 4.59 mln, a 16-month record high. US trading also kicked off with sell-offs, giving no chance for Russian indexes to win back losses. The RTS Index dropped 0.98% to settle at 1,877.10 and the MICEX Index eased 0.85% to 1,642.29.Brent spiked to the $71 mark Monday on expectations about a reduction in US oil products stockpiles. But on Tuesday oil futures drifted lower, reaching $70.40 a barrel. Domestic O&G names finished the day on MICEX as follows: Gazprom gave up 1%, Gazprom Neft added 0.47%, Rosneft dropped 0.25%, Lukoil tumbled 0.58%, Tatneft gained 0.80% and Surgutneftegaz plunged 2.51% on profit taking among market players after robust gains reaped on news about the companys possible merger with Rosneft. Norilsk Nickel (+0.13%) and Rostelecom (+0.20%) saw modest gains on MICEX. Other MICEX blue chip stories finished the day in the red: UES edged down 1.04%, Sberbank lost 0.75%, VTB gave up 1.33% and MTS closed out 0.62% lower. Turnover amounted to $6,970.79 mln on the ruble-denominated exchange and was recorded at $38.14 mln on the dollar-priced bourse.
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[Source: Russian Stock Market Blog]
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