Russian stocks can decrease on oil price, foreign markets fall

MOSCOW, Sep 7 (PRIME) -- The Russian stock market will likely decline on Friday at the start of trade because of negative dynamics on the oil market and foreign stock markets, analysts said.

“The situation in the morning does not speak in favor of a rebound: after a negative closing of the stock market in America, the U.S. indices futures are declining, Asia is in the red zone, oil is falling albeit slightly,” Alexei Antonov, analyst at Alor Broker, said.

Vitaly Manzhos, a senior risk manager at investment company Algo Capital, said that the background before the start of the Russian trading session is moderately negative, and the MOEX Russia Index will likely open with a 0.1–0.3% downward gap at about 2,320. The closest support levels will be 2,310 and 2,300 and the resistance ones 2,340–2,350.

Anton Startsev, a senior analyst at investment company Olma, said that the RTS is approaching the lower bracket of a consolidation range of 1,040–1,050 and can find support there.

Some volatility in Russia is possible after publication of the U.S. labor market data, and statements on new duties on Chinese goods by the president, he said.

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