Russian stocks can edge down on weaker crude prices, mixed environ

MOSCOW, Nov 1 (PRIME) -- The Russian stock market may continue to decline on Wednesday amid further downward correction of crude prices, while the global background looks controversial, analysts said.

“We expect negative trends to persist on the Russian market. Further worsening of the crude price situation will pressure local shares and trigger a fall,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

In the conditions, the MOEX Russi Index may make another step to the support line of 2,150, he added.

Zvarich sees the external background as mixed with the main Asian markets growing by up to 2.2%, the core U.S. indices futures correcting down by around 0.2%, and the nearest Brent oil futures adding 0.2% to U.S. $85 per barrel.

BitRiver financial analyst Vladislav Antonov said the MOEX Russia Index is highly likely to break through the support level of 3,192 that was reached earlier, and may continue its decrease to 3,125.

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