MOSCOW: The Russian stock market fell in volatile trade on Tuesday, hit by a sell-off in commodity markets which also dragged down the rouble to its weakest level in a month.
The dollar-based RTS index slid 0.9 percent to 1,607.0 points and the rouble-traded MICEX fell 0.8 percent to 1,498.1 points as European markets opened after the long Easter weekend.
"European investors were pricing in poor US payroll data published on Friday while the Russian market lacked drivers throughout the day," analysts at Aton Line said in a note.
Shares in Magnit outperformed the market by gaining 2.3 percent the day after the food retailer reported a rise in the first quarter sales.
Other Russian companies reporting this week include leading retailer X5 and potash miner Uralkali on Wednesday, private rail operator Globaltrans on Thursday, and precious metals miner Polymetal on Friday.
In the near term, levels of 1,480-1,490 points and then 1,450 points on the MICEX index scale will serve as support and a fall below those levels will increase the probability of a further decline, analysts at Grandis Capital said in a note.
The rouble gave up 0.3 percent to 29.74 against the dollar, its weakest since March 7, and eased 0.4 percent to 38.90 versus the euro
Versus the euro-dollar basket, used by the central bank to track the currency market, the rouble weakened 0.4 percent to 33.87.
"During the day downside pressure on the rouble was limited only by exporters that were selling the rising dollar. But in the evening the rouble got deprived of this support," said Alexei Vorobyov, chief dealer at Vozrozhdenie bank.
Export-focused companies usually increase conversion of foreign currencies closer to tax payments that fall on the second half of every month.
In April, however, tax duties are set to be below March levels and on the back of it the rouble could weaken to 34.0 versus the basket, said Vorobyov.
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