Source Pravda.Ru

Russian stocks open lower

A sharp drop in US stock indices, oil prices and Russian ADRs as well as growth in the dollar rate on international exchanges led to the selling of Russian securities on the domestic market. As a result the majority of blue chips lost 6 to 8 percent in the first minutes of trade. RAO UES, LUKoil and Norilsk Nickel led the decliners. This downward tendency is strengthening since some 30 minutes after the opening most highly liquid shares decreased 1 percent more. It seems the RTS index will go down to the level of about 570 to 580 points today.

Decline on the Russian stock market will stop in the near term, some analysts said noting that the selling of securities mainly by foreign investors influences the market currently. On the whole, the information background is not that negative, many experts believe.

A new circle of decline on the market reflects the panic sentiments of investors who expect an increase in the bank interest rate in the USA and a slowing down pace of China's economic growth, analysts added. Another negative factor is ruble liquidity, which is not perfect currently, experts think.