Russian stocks may decline dragged by falling oil prices

MOSCOW, Nov 17 (PRIME) -- The Russian stock market may open slightly lower on Wednesday, pressured by weakening crude prices, and consolidate later in the day, analysts said.

“We expect the MOEX Russia Index to open around 0.1–0.5% lower within the 4,100–4,115 range… due to the worsening sentiments on the crude market. The benchmark can later consolidate around the nearest significant mark of 4,100,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

He added that the U.S. indices futures are seen 0.1% lower, the Brent oil price has lost 0.8%, and Asian markets are trading mixed.

Andrei Vernikov, head of investment analysis department of Investment Group Univer expects a neutral opening of the Russian stock market with a support zone of 1,773–1,780 for the RTS index.

Mobile operator MTS is expected to publish IFRS financial results for July–September, which may also influence the dynamics.

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