On Thursday, most liquid names headed north on bullishness in the United States Wednesday. However, throughout the session domestic names reversed and drifted lower along with global exchanges. The primary reason for a decline was the news that French investment bank BNP Paribas is unable to calculate the value of US-securitized hedge funds it manages due to the lack of liquidity in mortgage papers. By Thursdays final bell, the MICEX Index tumbled 2.84% to 1,676.36 and benchmark RTS eased 2.43% to 1,939.00.In view of the problems in the global financial sector, Sberbank was among the lead decliners on MICEX. The lenders commons sank 3.14% and prefs pulled back 3.41%. O&G plays moved south in stride with the market. Furthermore, their descend was fueled by a 2% decline in crude futures: Tatneft fell 3.09%, Gazprom gave up 2.9%, Gazprom Neft lost 2.66%, Surgutneftegaz dropped 2.65%, Lukoil eased 2.43% and Rosneft ended 2.1% lower. Norilsk Nickel declined 3.36% on MICEX amid falling nickel futures. UES stocks outperformed the market: the energy holdings commons dipped 1.71% and prefs dropped 1.56%. VTB also fared better, off 1.19%, looking as a defensive instrument.Other blue chips ended as follows: MTS was off 2.87% and Rostelecom plunged 2.59%. Turnover lowered to $7,530.25 mln on MICEX and grew to $59.77 mln on RTS.
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[Source: Russian Stock Market Blog]
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