Russian shares go down on RTS following US downtrend

Russian stock prices dropped at today's trading amid the continuing tumble in US stock indices, said traders of investment companies in an interview with RBC today. The RTS index lost 1.39 percent by the end of the day and fell to 389.74 points, with the trading volume reaching $9.4m. Blue chips stocks retreated about 3 percent. The common stock of RAO UES of Russia headed the list of losers with a 2.9 percent dip to $0.1315 per share.

"The Russian market opened low in reaction to a negative closure in the USA," said Kirill Kleiner, client relations manager at NIKoil. According to him, futures for US indices had been trading down, which did not let Russian shares rise. However, the traders admitted that the Russian stock market looked pretty stable amid the ongoing panic on foreign markets owing to positive domestic news. "Today the Russian market kept quite well. The designation of a market economy status to Russia bolstered it," said Derek Perlin at MFK Bank. In his opinion, a consolidation may continue next week. Stock market participants named the ongoing Worldwide Football Championship as the main factor determining activity of the Russian stock market. "During the Argentina-England match trading almost stopped," said Perlin. "Certainly, the championship has a negative impact on volumes," Pavel Naumenko, head of the share trade department, added.

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