Russian stocks may correct down on global wariness, unstable oil

MOSCOW, Jul 18 (PRIME) -- The Russian stock market is likely to ease at opening on Tuesday due to mounting global concerns about the U.S. economic policy, oil prices correcting down, as well as ex-dividend trading in some local stocks, analysts said.

“We expect the MICEX to open (slightly lower) at around 1,955-1,960 and expect it to be pressured by Surgutneftegas, FGC UES and Rosseti’s ex-dividend gaps during the day,” Oleg Shagov, head of investment company Solid’s research department, said.

Olma senior analyst Anton Startsev said that a downward correction is possible on the Russian market at opening due to a growing global uncertainty about the future of U.S. President Donald Trump’s economic initiatives, which undermines hopes for capital inflow to the market.

Shagov also said that the September Brent oil futures have slid to around $48.4 per barrel on the news that Libya boosted its output, but they are still backed by U.S. statistics forecasts.

Major U.S. benchmarks futures are seen flat, while the Asian stock exchanges are trading in the negative territory. The European markets are likely to open lower, too.

Russian traders may also follow April-June operating results releases by silver and gold producer Polymetal International and electronic goods retailer M.Video.

End