Russian stocks may ease at opening due to oil price fall

MOSCOW, Aug 11 (PRIME) – Russian stocks are likely to decrease at Thursday opening as the oil price fall and negative external background exert pressure on the market, analysts said.

“Today the downward correction of the RTS index may deepen slightly further is possible at the beginning of the day due to the pressure from the external background. The growth of the U.S. oil reserves and record highs of Saudi Arabian oil production reminded traders of oversupply on the energy market,” Anton Startsev, a senior analyst at investment company Olma, said.

The U.S. stock index futures are rising slightly, the Asian floors are showing no common dynamics and the Brent oil price edged down by 0.228% to U.S. $43.95 per barrel, Oleg Shagov, head of investment company Solid’s research department, said.

“We expect the market to open with a moderate contraction of about 0.3% of the MICEX index within a 1,935–1,940 range. The 1,930 and 1,910 levels will act as closest support, while the 1,950 and 1,965 will act as resistance levels,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

The MICEX index may contract by up to 0.5% in the first half of the day, Timur Nigmatullin, an analyst at investment company Finam, said. “Despite a neutrally-positive external background, the contraction of oil prices and negative revaluation of shares of oil companies due to the strong ruble will affect quotations of the national indicator,” Nigmatullin said.

Local traders will keep track of publication of financial results of power producer Unipro, earlier known as E.ON Russia, and of payment service operator Qiwi, Shagov said.

The U.S. jobless claims data may have some impact on the local market later in the day, Manzhos said.

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