Russian stocks likely to continue fall as Gazprom goes ex-dividend

MOSCOW, Oct 10 (PRIME) -- The Russian stock market is likely to edge down on Monday in light of ex-dividend trading in the shares of gas giant Gazprom and oil company Tatneft, and a generally negative foreign background, analysts said.

“We expect trading in Russia to open with a 4–5% fall of the MOEX Russia Index, within the range of 1,810–1,830… A deep ex-dividend dive is expected for the shares of Gazprom and Tatneft. The local benchmarks will look for new, lower support and resistance lines,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

He added that the external background looks moderately negative with the core U.S. indices futures losing around 0.3%, the Brent oil price decreasing 0.9%, and gold prices falling 0.9%.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said that Russian stocks can try to recoup part of Friday’s losses at the beginning of the trading session, but sales are likely to prevail later in the day.

The MOEX Russia Index can make another step to the 1,900 support line, he added.

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