Russian Markets Fall for 5th Day

The MICEX Index fell for a fifth day Tuesday, slipping 0.4 percent to 1,636.20 as 16 stocks advanced and 14 retreated. The dollar-denominated RTS Index sank 0.7 percent to 2,018.88.

Gazprom climbed 1.5 percent to 306.04 rubles on the MICEX, its first gain in seven days. HSBC raised its share-price estimate for the world's biggest natural-gas producer by 33 percent to $80 per Global Depositary Receipt, citing higher energy prices.

LUKoil sank 3.1 percent to 1,699.26 rubles, its steepest decline since Feb. 15. Troika Dialog cut its share-price estimate for the country's second-biggest oil producer 7.4 percent to $87 (2,089 rubles). LUKoil may not be "capable of generating significant free cash flow" this year because of a "permanent" $11 billion capital spending budget and a production-growth forecast of 2 percent rather than 5 percent, Troika said.

Severstal rose 1.5 percent to 617.88 rubles, its first advance in three days. UBS raised its price estimate on the shares 3.6 percent to $29 (695 rubles), saying the company's earnings will benefit from higher steel prices.