Russian stocks can edge down on worse energy market situation

MOSCOW, Oct 6 (PRIME) -- The Russian stock market can edge down on Friday amid a worsening situation on the global energy markets, analysts said.

“Sales are likely to persist on the Russian stock market at the beginning of the trading session. A worsening situation on the energy market with the nearest Brent oil futures falling to U.S. $80–85 per barrel is the main reason for negative dynamics,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

The oil and gas sector can be under the main pressure, he added.

There are risks that the MOEX Russia Index can decline to below 3,100 after consolidation seen at the beginning of the week, Zvarich also said.

The external sentiments are controversial, he said. The main Asian markets are adding up to 0.5% with China’s market closed, the core U.S. indices futures are falling by 0.2%, and the nearest Brent oil futures are consolidating near $84 per barrel.

BitRiver financial analyst Vladislav Antonov expects the MOEX Russia Index to consolidate at around 3,130 with attempt to reach the week’s new high, and further downward correction.

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