Russian stocks may fall as OPEC countries keep oil quotas

MOSCOW, Nov 28 (PRIME) -- The Russian stock market may see a decline at the trading session’s opening on Friday because OPEC countries decided to retain the output volumes despite falling oil prices at a meeting on Thursday evening, analysts said.

“The background prior to the start of the trading session is slightly negative. But we expect participants of the Russian market to focus solely upon an extremely unfavorable situation on the oil market and on the growth of Russia’s own risks. CDS Russia (or credit default swaps) was higher than 300 basis points, which will result in a high market volatility,” Promsvyazbank analysts Ilya Frolov and Yevgeny Loktyukhov said.

Brent oil price fell 0.73% to U.S. $72.05 per barrel as of 9.15 a.m. Moscow time.

The RTS, the dollar-bound index, will suffer more than the MICEX, analysts said. The RTS will accelerate the decrease if it falls beyond 980 notch, Anton Startsev, CFA senior analyst, said.

Investors will pay attention to Germany's October retail sales statistics and to a preliminary inflation report for the euro zone for November, Andrei Dirgin, of Alfa-Forex’ analytic department, said.

End