Russian stocks can fall at opening on negative oil price dynamics

MOSCOW, Jun 23 (PRIME) -- The Russian stock market can edge down at the opening and in the first half of the trading session on Thursday due to the pressuring dynamics of the global energy markets, analysts said.

“The Russian stock market can demonstrate moderately negative dynamics on Thursday due to the external background with the leading European and U.S. indices recently closing in the red territory and oil prices falling by around 2% in the morning,” Finam analyst Alexander Kovalyov said.

He added that a 2-day meeting of the European Council that can discuss new anti-Russian sanctions will begin on Thursday.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said that Russian securities are under pressure of the negative crude prices’ dynamics. Investors ignored a fall in oil prices on Wednesday, but a slide to below U.S. $110 per barrel can trigger a wave of sales in energy stocks.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open around 1% lower within the range of 2,350–2380 and to continue downward movement in the first half of the day.

End