Stock market down on QE3 curtailment fears
MOSCOW. May 24 (Interfax) - The Russian stock market followed the world markets down on Friday on concerns the QE3 fears stimulus program might be curtailed.
The MICEX closed down 1.2% at 1380.88, its lowest since May 15, and the RTS fell 0.9% to 1388.52. Benchmark stocks fell up to 2.3% on the Moscow Exchange.
The MICEX fell 1.5% in the week and the RTS shed 1.2%.
Friday saw losses for VTB (-1.9%), Gazprom (-1.3%), Gazprom Neft (-1.1%), Lukoil (-1.1%), MMC Norilsk Nickel (-0.8%), Polyus Gold (-2.3%), Rosneft (-0.8%), Rostelecom (-2%), Sberbank (-2.3%, to 103.08 rubles), Surgutneftegas (-1.1%), Tatneft (-2.2%) and Russian Grids (-0.4%).
Preferred shares in Russian grids plummeted 5.7% to 0.9599 rubles after the cut-off date for shareholders to receive dividends passed.
Second-tier losers included TGK-1 (-4.2%), Mosenergosbyt (-3.9%), OGK-2 (-3.7%), Belon (-2.7%) and Severstal (-2.1%).
There were gains for TGK-9 (+4.5%), Aeroflot (+2.2%), PIK Group (+1.5%), Sollers (+1.5%), TMK (+1%) and Raspadskaya (+0.8%).
Combined trading volume on the main MICEX-RTS market was 33.079 billion rubles, of which 11.28 billion rubles in Sberbank ordinary shares. Standard market turnover was $9.065 million and Classica - $1.669 million.