Russian stocks can edge down amid decline in oil, metals prices

MOSCOW, Nov 15 (PRIME) -- Intense sales are possible on the Russian stock market on Monday in light of a significant decline of prices for industrial and precious metals and crude oil, analysts said.

“The external environment does not bring joy… The picture speaks against growth of local stocks,” Alor Broker analyst Alexei Antonov said.

The U.S. indices futures are trading flat at the level of previous closing, but industrial and precious metals and crude prices are demonstrating a significant fall. The U.S. dollar continues to rise against other currencies.

Antonov said that pessimism can push the MOEX Russia Index below the uprising channel to add the technical factor to intense sales.

Head of PSB Bank’s analysis group Vladimir Solovyov said that the MOEX Russia Index will continue to consolidate within the 4,100–4,150 range, but can make attempts to break through its lower bracket.

Investors can also follow publication of agricultural holding Rusagro and shipping company Sovcomflot’s IFRS financial results for July–September among other corporate events.

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