Russian stocks continue to slide on falling crude, negative external news
MOSCOW. July 29 (Interfax) - After attempting to regain some momentum in early trading, the Russian stock market once again slid down in the evening under pressure from poor U.S. macroeconomic statistics and falling crude prices.
The RTS index fell 2.8% to 973.78 points on Wednesday, while the MICEX declined 1.54% to 986.8 points.
RTS futures indicate investors have a negative outlook on the market.
MMC Norilsk Nickel shares fell 4.1% on the MICEX, Polyus Gold - 3.1%, MTS - 2.5%, VTB Bank - 2.4%, Sberbank - 2.3%, Tatneft - 1.6%, Gazprom - 1.5%, RusHydro - 1.3%, Gazprom Neft - 1.2%, Rostelecom - 1.1%, Lukoil - 0.8%, Transneft preferred shares - 0.5% and Rosneft - 0.1%.
Surgutneftegas stock rose 0.8%, Severstal - 1.6%, Polymetal - 2.5%, Mechel - 1.4% and Novolipetsk Steel - 0.4%.
The Russian market opened with a decline in response to the poor trends seen on European and U.S. markets on Tuesday. Asian indices also declined on Wednesday, but the market picked up when trading opened in Europe with a 1%-1.5% rise. The mood was spoiled in the evening, however, after the U.S. released statistics about an increase in oil stocks and WTI oil fell 4.5% to $64.2 per barrel.
RTS Classic Market trading volume totaled $4.818 million on Wednesday, RTS Standard turnover was $385.829 million and MICEX volume was 56.776 billion rubles, led by Sberbank with 19.83 billion rubles.