Russian stocks may ease amid decline of global floors, oil prices

MOSCOW, Oct 4 (PRIME) -- The Russian stock market may edge down slightly at the opening and continue consolidation near the 4,000 mark later in the day on Monday in light of a discouraging external background, analysts said.

“The external background looks weak in the morning, so the (MOEX Russia Index) may continue to consolidate slightly above the 4,000 mark,” Director of BCS Broker’s stock market experts department Vasily Karpunin said.

The U.S. market bounced back on October 1, but there are still risks of further sales, the Brent crude futures are seen insignificantly lower, near the U.S. $79 per barrel mark, but are generally close to last quarters’ highs, Karpunin also said.

He added that Asian markets are trading mainly in the negative territory.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia index to open around 0.3% lower within the 4,075–4,090 range.

A ministerial meeting of the OPEC+ states will be a key event for the oil market on Monday. According to the current agreement, the alliance recovers crude production by 400,000 barrels per day every month.

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