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. Last Updated: 07/27/2016

Volume on Lifeless Moscow Market Dries Up




Shares ended softer Friday as a lack of breaking news left the market drifting again, drying up volume and leaving little hope for major developments in the near future, traders said.


"The market was really lifeless just as it has been for the last few days. There's no interest right now," said Sergei Sheikov, director of equity trading at Centreinvest Securities.


"This is seen in the way the market has behaved lately - up 2 percent or down 2 percent each day with almost no volume."


The benchmark RTS1-Interfax share index, covering the main over-the-counter market, finished down 1.68 percent at 103.11 on volume of just under $6.3 million.


In contrast, the broader Reuters Russian composite ended up 2.02 percent at 404.18.


The dollar-denominated Moscow Times Index of 50 leading shares fell 1.1 percent to 79.94 on turnover of $8.075 million.


Traders said there was nothing on the horizon capable of moving the market as virtually all expected developments, good and bad, had already been priced in.


They said the domestic market's fortunes were tied to the European and U.S. markets.


Traders have said the end of the summer vacation season would bring investors back into the market and force them to make decisions ahead of December parliamentary elections.


They have also said oil prices, confirmation hearings on acting Prime Minister Vladimir Putin scheduled for Monday, and fighting in the North Caucasus region of Dagestan were all factors being watched closely by investors.


Top shares closed generally lower with national power grid UES down 1.69 percent to $0.0755 and sister utility Mosenergo down 3.3 percent to $0.0324.


Russia's largest oil producer LUKoil fell 1.71 percent to $7.74 while Surgutneftegaz was down 1.59 percent at $0.1550.