Russian stocks may decrease as oil prices resume decline

MOSCOW, Sep 30 (PRIME) -- Russian stocks may fall at the opening on Friday pressured by negative foreign background, with oil prices resuming a decline, analysts said.

“We expect the Russian stock market to open with a decrease to around 1,990 points at the MICEX index, assuming that despite investors probably taking profit at the end of the third quarter this stock indicator will still show growth for the fourth quarter in a row,” Oleg Shagov, head of investment company Solid’s analytical department, said.

The ultimate influence of key external factors that have a significant impact on the Russian market today is moderately negative today in the morning, Shagov said. Brent oil futures have again failed to exceed the psychologically important level of U.S. $50 per barrel outlining a decline trend; the U.S. stock index futures continue suffering losses, while main Asian stock indicators are not showing single dynamics.

Traders will follow statements by a number of government officials and signing of large agreements at the Sochi International Investment Forum, the analyst said.

Olma senior analyst Anton Startsev said that some downward correction is possible today at the start of trading under pressure of foreign background.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, expects the MICEX to decrease around 0.5% to 1,985 points at the opening.

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