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. Last Updated: 07/27/2016

RTS Loses 3% as Oil Stocks Sag

Stocks followed oil heavyweight Yukos to a lower close Friday as investors chose to reshuffle their portfolios rather than react to positive sentiment generated by the U.S.-Russian summit in Moscow.

The benchmark RTS index closed 3.03 percent lower at 402.89 on turnover of $34.7 million while the Reuters index of the ruble-based MICEX exchange ended down 2.03 percent at 1,738.23 on turnover of 3.9 billion rubles ($124 million).

U.S. President George W. Bush formally signed a pact with President Vladimir Putin to slash their nuclear warheads, but traders said markets had already absorbed the positive sentiment when news of the treaty first broke last week.

"The background to Yukos' fall is that there has been a bit of portfolio reshuffling," said Troika Dialog's Michael Sito.

No. 2 oil company Yukos, the heaviest weighted share in the RTS, closed 2.87 percent lower at $10.49, above its intra-day low of $10.35.

"The feeling is that the main run on Yukos has taken place," Sito said.

Sam Barden at Renaissance Capital said that Yukos was moving closer to its target prices in the market, which range from $9 to more than $13.

No. 5 oil producer Sibneft, pushed lower on small volumes, lost 7.97 percent to close at $1.92. Like Yukos, it has been one of the market's top performers in recent months and is coming off its May 21 lifetime high of $2.20.