Russian stocks may decline at Friday opening amid bleak backdrop

MOSCOW, Aug 19 (PRIME) -- The Russian stock market is likely to open with a slight decrease on Friday because of moderately negative moods on the global floors and may consolidate later in the day around the opening levels, analysts said.

“The MOEX Russia Index will take a lead from somewhat worsening of the external environment in the first minutes of trade. Later it will probably go into consolidation around the opening levels,” senior risk manager at investment company Algo Capital Vitaly Manzhos.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said that the moods on the global markets are moderately positive before the start of trade in Russia. The leading Asian floors are decreasing within 0.5% and the futures of the main U.S. stock indices are losing about 0.2%. The next Brent oil futures is correcting down by 0.4% to about U.S. $96.2 per barrel.

Zvarich said: “Positive trends are expected to remain in the Russian stocks today, which is provided by improvement of the situation on the energy sources market.”

The Russian stock market closed higher on Thursday thanks to rising oil prices and appreciation of the ruble. According to Zvarich and Otkritie Research leading analyst Andrei Kochetkov, the ruble is likely to continue strengthening amid excessive supply of foreign currency from exporters as they are preparing to make tax payments in a few days.

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