Russian stocks can fall as external background favors sales

MOSCOW, Sep 8 (PRIME) -- The Russian stock market is likely to edge down at the opening on Friday amid weakening crude prices and a generally negative foreign environment, analysts said.

“We expect sales to prevail on the Russian stock market at the beginning of the trading session. Correction in the oil prices, a worsening sentiment on external bourses, and the MOEX Russia Index falling below 3,200 can encourage investors to get rid of shares from their portfolios,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

By the end of the day, the benchmark can recoup part of its losses due to closure of speculative short positions and finish the session at around 3,150, he added.

Zvarich sees the external background as moderately negative with the main Asian stock exchanges losing up to 1.3%, except for India’s market that is adding 0.1%, the core U.S. indices futures consolidating near the level of its previous closing, and the Brent oil price falling by 0.6% to U.S. $89.4 per barrel.

BitRiver financial analyst Vladislav Antonov said that the ruble has opened lower, and the technical analysis points to its further fall to 99 rubles per U.S. dollar, maybe, already on Friday.

End