No interesting developments emerged on the Russian equity market this morning. Blue chips kicked off flat on the day, but around noon players started selling, dragging liquid names down some 2% as of 1 pm Moscow time. Sberbank still leads the decliners, off 4%, while O&G plays look no less shaky: Lukoil tumbled 2.8%, Tatneft gave up 3.1% and Surgutneftegaz pulled back 2.6%. Aeroflot (+0.3%) has been the only stock bucking the downtrend. Last Fridays optimism has vanished into the air, with liquid names heading further south, and the 1,800 mark is seen as the nearest support level for the RTS Index.
Sergey Dorogavtsev, Asset Manager, Finam Investment Company
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[Source: Russian Stock Market Blog]
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