Russian stocks can fall on decreasing foreign markets

MOSCOW, Oct 1 (PRIME) -- The Russian stock market will likely open lower on Friday on the back of falling foreign markets and marginal dynamics in oil prices ahead of an OPEC meeting on October 4, analysts said.

"The external background is negative today: the American futures lose 0.5%, the industrial and precious metals get weaker. Only oil is trading at yesterday's close," Alexei Antonov of ALOR Broker said.

Andrei Vernikov of UNIVER Capital said that the oil prices may ease on October 4, if the OPEC states give in to the U.S. pressure to raise oil output by more than 400,000 barrels per day agreed earlier.

Antonov said that high fuel prices pressure the Western markets because costly fuel and electricity spur up inflation, which might force the governments to introduce tough monetary policies.

The MOEX Russia Index is overbought, and the resistance zone of 4,110–4,120 is near, he added.

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