Russian stocks may decline dragged by global floors, falling oil

MOSCOW, Nov 13 (PRIME) -- Russian stocks may decrease at the opening on Wednesday dragged by negative dynamics of global floors and falling oil prices, analysts said.

“We expect the MOEX Russia Index to open with a significant decline of 0.2–0.4%, near the level of 2,940–2,945 points. The nearest support levels will be 2,930 and 2,920 points. The main resistance will be at 2,960 and 2,970 points,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Before the start of trading in Russia, the U.S. stock index futures are demonstrating a significant drop of 0.2–0.4%. Brent oil futures edged down 0.4%. China’s Shanghai Composite fell 0.4%, and Japan’s Nikkei225 lost 0.8%, the analyst said.

Olma senior analyst Anton Startsev said, “Continued correction-consolidation on the RTS Index remains a relevant scenario in the short term. A statement by U.S. President Donald Trump last night did not clarify the prospects for a trade agreement with China – on the contrary, the president announced his readiness to increase duties on Chinese goods in the absence of a deal. As a result, the situation on global markets as a whole remains uncertain, investors are waiting for news concerning the trade agreement, as well as a speech by the U.S. Federal Reserve’s Chairman Jerome Powell in the Congress.”

End