Russian stocks can edge down on unfavorable crude market dynamics

MOSCOW, Nov 17 (PRIME) -- The Russian stock market can edge down on Friday following a steep previous fall in oil prices, which will pressure local stocks, analysts said.

“We expect prevailing sales to continue on the Russian stock market at the beginning of the trading session. A worsening situation on the energy market and the Brent oil price reaching the middle of the U.S. $75–80 per barrel range can become a pressuring factor,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

“As a result, the MOEX Russia Index can continue its correction movement and fall into the range of 3,150–3,170 by the end of the trading session,” he added.

Zvarich said that the sentiments of the global markets look controversial. The main Asian stock exchanges are trading mixed, the core U.S. indices futures are adding around 0.1% after a mixed closing. The nearest Brent oil futures are growing by 0.1% to $77.5 per barrel after a steep fall.

Alexei Golovinov, chief analyst at PSB Bank, expects the MOEX Russia Index to move within the range of 3,150–3,200 during the day.

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