Blue chips kicked off 1% up on Thursday due to an uptrend in the US stock indexes.
However, in half an hour, the Russian stock market was hit with a wave of profit-taking and liquid names posted losses.
As of 1 pm Moscow time, the RTS Index lost around 1.5%. URSI (-1.9%), Tatneft (-1.8%) and Sberbank (-1.7%) topped the list of decliners.
For the time being, it is difficult to say how deep the correction will be and stock valuations could rebound in the afternoon.
Sergey Dorogavtsev, Asset Manager, Finam Investment Company
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[Source: Russian Stock Market Blog]
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