OAO Sberbank, Russia’s biggest lender, headed for the strongest advance in three weeks as investors speculated the stock’s declines to a nine-month low were overdone.
The shares gained 1.7 percent to 89.67 rubles by 3:12 p.m. in Moscow, the most since Aug. 9 on a closing basis. The stock lost 4.1 percent last week, the fourth week of declines. The amount of shares traded was equivalent to about 44 percent of the three-month average, data compiled by Bloomberg show.
Sberbank’s 14-day Relative Strength Index tumbled to 32 on Aug. 30, the lowest in about 10 weeks, and climbed to 39 today. The RSI measures how rapidly prices have advanced or dropped during a specified time period and readings below 30 indicate a security may be poised to rise. The lender cut its 2013 profit outlook to 370 billion rubles ($11 billion) or less on Aug. 28, while the country’s 2013 economic-growth forecast was reduced for the second time this year, Deputy Economy Minister Andrey Klepach said on Aug. 26.
“There’s a rebound,” Natalia Berezina, an analyst at UralSib Capital, said by phone from Moscow. “Last week was tough for Sberbank.”