Rouble falls, Russian stocks resilient after Volgograd bombings

MOSCOW, Dec 30 (Reuters) - The rouble fell on Monday on unease in currency markets following a second bombing in as many days in the Russian city of Volgograd, which equity investors appeared largely to shrug off.

At 0840 GMT, the rouble was 0.5 percent down against the dollar at 32.75 and down 0.5 percent against the euro at 45.02, leaving it 0.5 percent weaker at 38.28 against the dollar-euro basket.

"The rouble has weakened, following the horrible news of the terrorist attack in Volgograd and on the back of a renewed demand for the euro and U.S. dollar," said Natalia Samoilova, analyst at Golden Hills Capital, in a research note.

The blasts on Sunday and Monday underscored Russia's vulnerability to militant attacks as it gears up for the Winter Olympics, due to be held about 430 miles (690 km) away in Sochi in February.

Stocks were less rattled and at 0840 GMT, in thin pre-holiday trading, the rouble-denominated MICEX index was up 0.3 percent at 1,499 points and the dollar-denominated RTS down 0.2 percent at 1,442.5 points.

"There have been bombings in the past and nothing has happened (to the equities market)," said one Moscow-based trader. "If it continues a whole week there will be problems but I don't think on today's news there will be issues."

"It is the latest in a number of attacks over the years, maybe the market has been desensitized to these things," added Erik DePoy, equity strategist at Gazprombank.

More broadly, investors spooked by a slowing Russian economy, shoddy treatment of minority shareholders and a Kremlin (Hamburg: KMLK.HM - news) crackdown on political opposition have pulled money out of the country this year and have little optimism about 2014.

Russian equity funds have had their worst year ever, according to research from Gazprombank which - citing data from EPFR Global - said withdrawals totalled $4.05 billion, with Russia-dedicated funds losing $3.2 billion - 29.5 percent of assets under management.

The MICEX share index looks set to end the year up around 1.5 percent while the RTS is heading for a fall of around 6 percent.

The rouble has lost nearly 8 percent versus the dollar this year.

Gazprom (MCX: GAZP.ME - news) fell 0.5 percent on Monday. Traders at Bank of America (TLO: BAC.TI - news) said in a research note the weakness was on concerns about it cutting its dividend following a Bloomberg report last week speculating it may reduce the payout.

Polyus Gold (MCX: PLZL.ME - news) was seen by Bank of America to be likely negatively affected by news late on Friday that it will delay the start of its huge Natalka mine in far eastern Russia until summer 2015.

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