Russian stocks can fall on oil price, US market pressure

MOSCOW, Jun 28 (PRIME) -- The Russian stock market can resume a downward trend at the opening on Wednesday, pressurized by decreasing oil prices and U.S. stock market futures, analysts said.

“The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately negative today at the start of the day, in our estimates,” Oleg Shagov, head of investment company Solid’s research department, said.

Brent futures for August remain under pressure after a report by the American Petroleum Institute (API), signaling an increase in the U.S. reserves. Brent is traded at about U.S. $46.5 per barrel, which will likely set a negative trend on the Russian market.

U.S. stock market futures and key Asian markets are decreasing. The premarket of the European session signals a later fall. Olma senior analyst Anton Startsev said that a suspension in the S&P 500 growth after a long period of gains negatively affects investors’ outlook on the future of the global stock market.

Shagov said that the Russian stock market can open at 1,875 of the MICEX index on Wednesday after closing at 1,878.94 on Tuesday. The market is likely to see sales later in the day.

Startsev said that the RTS can restart a downward correction.

Finance Minister Anton Siluanov and Energy Minister Alexander Novak are expected to give speeches which, according to Shagov, can affect prices of some securities later in the day.

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