December 15, 2017 / 7:25 AM / in a year

Russian financial stocks down as rescues Promsvyazbank

MOSCOW, Dec 15 (Reuters) - Russian financial stocks slipped on Friday after the central bank said it would bail out Promsvyazbank, the country’s 10th biggest lender by assets.

The central bank said on Friday it was putting Promsvyazbank under temporary administration, the Russian banking sector’s third such bailout this year.

Promsvyazbank shares were down more than 6 percent as of 0708 GMT, while the Moscow stock exchange’s financial sector index shed 0.5 percent, underperforming the broader market.

The benchmark rouble-based MOEX Russian index, previously known as MICEX, was 0.3 percent lower at 2,145.3 points. The dollar-denominated RTS index was down 0.5 percent to 1,147.1 points.

Later in the day, the central bank’s rate decision will be in focus. The market expects the central bank to cut its key interest rate by 25 basis points to 8.00 percent.

“We think that the 25 basis point cut is already priced in local assets and the Russian currency,” said Rosbank, a Russian subsidiary of Societe Generale.

The rouble eased 0.3 percent to 58.91 against the dollar and weakened 0.2 percent to 69.43 versus the euro .

For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB=

For Russian equities guide see

For Russian treasury bonds see

Russia in graphics: (Reporting by Andrey Ostroukh; Editing by Jack Stubbs)

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