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. Last Updated: 07/27/2016

Shares Close Lower, Gazprom Leads Losers

Long-distance telecoms provider Rostelecom and gas monopoly Gazprom pulled a thin Russian market lower Thursday, despite early predictions stocks could build on the previous session's strength.

The benchmark RTS index closed 0.76 percent lower at 331.77 on small turnover of $9.1 million while the Reuters index of the more liquid MICEX traded 1.51 percent lower at 1,276.36 on volume of 2.3 billion rubles ($73 million).

The new Reuters MICEX RMX index was down 1.83 percent at 849.62 in its dollar denomination and down 1.91 percent at 4,507 in its ruble denomination.

"Few of the funds active in Russia are seeing any inflows or outflows and the speculative Russian clients are nervous to go either way," said Bob Saharov, a salesman at NIKoil brokerage.

On Wednesday, markets had closed in the black despite a U.S. rout that dealt the Standard and Poor's 500 its biggest blow since Sept. 11.

Gazprom was the day's biggest loser, falling 3.8 percent to 24.030 rubles while Rostelecom closed down 2.62 percent at $1.0400.

On Wednesday Rostelecom unexpectedly restated its 2001 accounts ahead of filing an annual report with the U.S. Securities and Exchange Commission. Analysts expect it to report first half IAS results some time next week.

The re-audit of the carrier's international-standard accounts led the company to revise its net profit down to 4 billion rubles from 4.54 billion rubles.