Russian stocks can fall on oil price, foreign markets decline

MOSCOW, Oct 29 (PRIME) -- The Russian stock market will likely decrease on Monday in the morning due to a fall of foreign markets and oil prices, analysts said.

“Bears will barely leave the Russian stock market soon. The external situation has turned out to be moderately negative for the start of trade on the Russian bourses today, while the technical component does not rule out a deeper decrease,” Alpari senior analyst Anna Bodrova said.

Forex Club analyst Ivan Marchena said that a negative mood on the foreign trading floors persisted and the oil price eased, which can trigger continuation of sales seen on October 26 on the Russian market.

According to Bodrova, the MOEX Russia index is to trade in a 2,270–2,305 range.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, said that the U.S. households’ earnings and spending for September can influence the market trends in Russia but the dynamics of oil futures will remain the key external indicator.

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