The stock market declined amid weak performance of Bank shares

The stock market declined amid weak performance of Bank shares


According to the Moscow exchange, MICEX index on the day fell to 1742,71 points, RTS index – to 781,10 paragraph following the depreciating ruble, which led for a shares of the leading Russian banks.

MOSCOW, 24 Dec. Dmitry Mayorov. The Russian stock market by the close of trading fell slightly after depreciating ruble, which slithered down and shares of leading Russian banks.

On the background of Christmas holidays in the West of market activity on the Russian stock market was low.

The MICEX index on the day declined by 0.29% and amounted to 1742,71 points, RTS index — on 0,56% to 781,10 points, according to the Moscow stock exchange.

Outset

The Russian stock market during the session on Thursday traded without any single dynamics.

The morning stock exchange and the ruble has played a positive weekly report from the U.S. Department of energy, which recorded a decrease of oil reserves in the country by 5.9 million barrels, while analysts, on the contrary, had expected growth of 1.2 million barrels.

However, the RTS index during the day stopped short of the 800 points, from which he rolled down on 7 December.

Following weak dynamics of oil market and the ruble pushed down and the quotations of Russian stocks, especially banking. Papers of Sberbank (-1,6%) and VTB (-2,1%) was corrected downwards after the ruble.

The growth leaders were the shares of “Polyus Gold” (+4,8%). Also increased the action “Tatneft” (+1,6%), “Gazprom oil” (+1,5%), LUKOIL (+0,4%).

Papers “Gazprom” also rose (+0.5 percent), despite the suspicion of the Antimonopoly Committee of Ukraine in the abuse of a monopoly position in the sphere of gas transit.

Forecasts and recommendations

Friday is expected to be even more sluggish trading on the background of Christmas holidays in the Western exchanges, says Alexander Kostyukov of IR “Veles Capital”.

Given that in the coming days, the liquidity of markets and the trading activity will be low and there will be no incentive for the directional price movements, investors are left with one question — whether to move items through the new year holidays, says Bogdan Zvarich from the company “Finam”.

Vitaly Manzhos from the Bank “Education”, in turn, noted that the dynamics of the external indicators that are meaningful in revealing not Thursday due to the approaching Christmas. Part of the Western markets closed and others operating in degraded mode. Reduced presence of nonresidents imposes inevitable and soothing effect on the course of local trading, the expert noted.