Russian stocks may decrease pressured by falling oil prices

MOSCOW, Jun 10 (PRIME) -- Russian stocks are projected to decrease at the opening on Friday on the back of falling oil prices, negative foreign background, and ahead of the central bank’s meeting on monetary policy, analysts said.

“We expect the Russian stock market to open with a decrease to 1,930 points at the MICEX index, assuming that amid worsening foreign background this stock indicator may continue its correction outlined a day before,” Oleg Shagov, head of investment company Solid’s analytical department, said.

The influence of the key factors that have a significant impact on the behavior of the Russian stock market is moderately negative today at the beginning of the day, he said.

Brent oil futures have decreased on the back of the U.S. dollar’s strengthened positions on the international currency market.

The U.S. stock index futures are suffering small losses, while main Asian stock indicators are mostly demonstrating negative dynamics, Shagov said.

Global oil prices, behavior of Western stocks, ruble rate dynamics and the Russian central bank’s meeting on monetary policy and key rate will be the main drivers for the domestic stock market, Shagov said.

Investors will also follow shareholder meetings of metals giant Norilsk Nickel, oil company Gazprom Neft and power holding Inter RAO, as well as publication of operating results of retailer Dixy Group.

The RTS index may continue its downward correction at the start of trading pressured by the negative foreign background, Olma senior analyst Anton Startsev said. Trading activity is currently decreasing ahead of upcoming meeting of the U.S. Federal Reserve System and the U.K. referendum on withdrawal from the E.U., the analyst said.

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