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Russian stocks continue to decline

June 21, 2013, 13:10 UTC+3
MICEX index dropped 2.1 percent to 1297, while RTS went down 3.75 percent to 1243
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MOSCOW, June 21 (Itar-Tass) - The MICEX index at the opening of trading at the Moscow Stock Exchange on Friday declined 0.1 percent to 1296.88 points. The RTS dollar index went down 0.12 percent to 1241.77.

On Thursday, the MICEX index dropped 2.1 percent to 1297, while the RTS, due to the sharp rouble fall, went down 3.75 percent to 1243.

Predictably worse than the market was the banking sector - VTB went down 4.1 percent and Sberbank was 3.5 percent lower, Gazprombank analyst Andrei Klapko said.

Rostelecom shares have not reached the lowest level yet.

At the same time, much better than the market on Thursday were Rosneft shares against the background of the management statements made at the shareholder meeting about the planned signing of a new contract for supplies to China.

In the United States, on Thursday traders continued to react to Federal Reserve Chairman Ben Bernanke's statement about the possible bond-buying programme curtailment this year. The trading at the New York Stock Exchange ended with a sharp fall of main indices. The Dow Jones, the main index of business activity in the United States, lost 353.95 points (2.34 percent) to 14758.24. Such a fall had not reported since November 9, 2009. The S&P 500 (500 major companies on the American market) went down 40.70 points (2.5 percent) to 1588.23. The NASDAQ electronic exchange index was down 78.56 points (2.28 percent) to 3364.64.

During the trading in the United States, oil became 2.84 dollar (2.89 percent) cheaper. Future contracts for July supplies were concluded at the price of 95.40 dollars a barrel. The gold price stood at 1286.20 dollars, losing 87.80 dollars (6.39 percent).

Following the decline in New York, a sharp fall was reported at the Tokyo stock exchange. By 11:30 local time, the key Japanese Nikkei index reflecting the share rates of 225 leading companies declined 113, 27 points (0.87 percent) to 12901.31. The wider TOPIX index reflecting the rate of all the companies in the elite first section of the exchange also lost 16.60 points (1.52 percent) to 1075.21. An additional negative factor in Tokyo was the yen becoming stronger against foreign currencies that resulted in declines of exporting companies, including the Toyota automaker and the Sony and Hitachi electronics producers.

At the Russian market, Gazprombank analyst Vladimir Kravchuk notes there are faster declining trends for the MICEX and RTS indices and Gazprom, LUKOIL, Nornickel and Sberbank.

The main hope this Friday is placed on Europe. On Thursday evening, Eurogroup head Jeroen Dijsselbloem said the euro zone countries agreed on main provisions of the future system for direct recapitalization of banks. Up to 60 bln euros may be provided from the European Stabilization Mechanism fund for the purposes. This news may be a sufficient reason for rising rates at European exchanges. The London Intercontinental Exchange has already begun the trading with rising oil prices -- the barrel price rose 42 cents to 102.57 dollars by 09:10 Moscow time. It may have a positive effect on the Russian market later on Friday.

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