May 15, 2018 / 8:44 AM / 6 months ago

Russian stocks edge lower after MSCI revision, rouble eases

MOSCOW, May 15 (Reuters) - The Russian stock market edged lower on Tuesday after a planned revision of the MSCI Emerging Index led to a rebalancing of some major players’s positions, including those of Russia’s second-largest lender VTB and the Moscow Exchange.

MSCI, the U.S. index publisher, included global depositary receipts (GDRs) of Russian retailer X5 Retail Group in the MSCI index family, X5 said.

X5 GDRs were up 2.9 percent as of 0804 GMT.

“While details remain unclear, we expect significant inflows to the stock on the back of the announcement which should support the stock’s performance,” Aton brokerage said in a note.

MSCI also reduced the weight of VTB and of the Moscow Exchange in its indexes, VTB Capital said in a note.

Shares in VTB were down 1.6 percent, while shares in the Moscow Exchange fell 2.1 percent, underperforming the broader market.

The rouble-based MOEX Russian index was 0.6 percent lower at 2,342.7 points after finishing at its highest closing level of 2,357.62 on Monday.

The Russian market “has neither new reasons nor fresh money” that would cause it to rise any further, Alor Brokerage said in a note.

The dollar-denominated RTS index was down 0.9 percent at 1,191 points.

Oil prices climbed higher amid concerns about tensions in the Middle East, boosting Russian assets. Oil is Russia’s key export.

Brent crude oil was up 0.3 percent at $78.45 a barrel after briefly hitting $78.60, its highest since 2014.

The rouble, however, shrugged off any support from higher oil prices, shedding 0.1 percent to 61.93 versus the dollar .

The rouble has been struggling to recover to levels before the U.S. imposed its latest round of sanctions against Russia in early April, weighed down by the resulting uncertainty and by the Finance Ministry that stepped up its dollar purchases this month.

Versus the euro, the rouble was 0.1 percent weaker at 73.86 .

For Russian equities guide see

For Russian treasury bonds see

Reporting by Andrey Ostroukh Editing by Raissa Kasolowsky

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