Russia stocks to edge down on negative external mood, falling oil

MOSCOW, Oct 26 (PRIME) -- The Russian stock market is likely to edge down at opening to price in a negative global environment with main U.S. indices futures and crude prices sliding, analysts said on Friday.

“The Russian stock market is likely to open in the red territory with an around 0.3% fall in the morning. The further dynamics will depend on the external background, but as we saw yesterday, purchases on the local market are difficult even if the U.S. benchmarks surge,” Alor Broker analyst Alexei Antonov said.

The major U.S. indices futures are declining and the Brent crude price is seen falling to $76 per barrel, he added.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expected the MOEX Russia Index to edge down by a significant 0.5% to 2,320 at opening to price it a substantial worsening of the global environment.

Local investors will also track news from a meeting of the central bank’s board of directors which is to discuss the state’s monetary policy.

Antonov is almost 100% sure that the key interest rate will be retained unchanged at 7.5%.

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