Russian stocks can drop on oil price, falling foreign markets

MOSCOW, Jan 23 (PRIME) -- The Russian stock market will likely open with a downward gap on Monday as oil prices and foreign markets are under pressure, analysts said.

“The ultimate influence of key foreign factors that have a significant impact on the Russian financial market is moderately negative at the beginning of the day,” Oleg Shagov, head of investment company Solid’s research department, said.

The MICEX index set a record long decrease in 17 years, falling for eight trading sessions in a row on January 20 and the trend can continue, he said.

Finam analyst Bogdan Zvarich said that market participants will pay attention to industrial output figures in Europe later in the day. After that, the Russian market will probably see only marginal changes in an absence of important statistics releases from the U.S.

Forex Club analyst Irina Rogova said that U.S. President Donald Trump did not give clear indications of his future steps during the inauguration speech, which is why market participants will be waiting for his first decrees.

Anton Manayev, head of trade operations department at investment company Olma, said that deterioration of relations between the U.S. and China are among the most important concerns of investors and makes them unwilling to buy.

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