Russian stocks can decrease at opening on oil price drop

MOSCOW, Apr 20 (PRIME) -- The Russian stock market will likely open lower on Thursday on the back of an oil price decrease, analysts said.

“The situation on the energy market will be the main reason for the sales, as bears have the upper hand after publication of hydrocarbon reserves data by the U.S. Energy Department,” Bogdan Zvarich, an analyst at investment company Finam, said.

“They managed to push the Brent oil below a support level of $54 and drag it to $53. The way the U.S. markets closed will add to the negative sentiment.”

Purchases predominate on the Asian markets and the U.S. stocks futures are rising slightly but the Russian market will likely ignore the factors, Zvarich said,

Oleg Shagov, head of investment company Solid’s research department, said that the background for the Russian stock market opening is mostly neutral.

The MICEX is expected to open at 1,915 and can test 1,900, if the situation on the market deteriorates, he said.

The most important corporate events of Thursday will be a meeting of the supervisory board of Sberbank, expected to consider recommendation for dividends, publication of operating results of ALROSA, Lenta, RusHydro and financial results of Severstal, Shagov said.

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