Russian stocks may fall as oil futures descend from May 6
MOSCOW, May 10 (PRIME) -- The Russian stock market is likely to decrease at the start of Tuesday’s trading session as oil prices are falling as compared with the level of May 6, analysts said.
On Monday, the Russian stock market was closed for the Victory Day.
“We expect a negative opening of the MICEX index because oil futures are trading at a level which is significantly lower than on Friday (May 6). The index is likely start to consolidate later,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.
Brent and U.S. stock market futures are rising by about 0.3% on Tuesday, but oil prices have not regained the level of May 6.
Russian depositary receipts were falling on foreign markets on Monday on the back of profound oil quotations losses, Gazprombank’s analysts said. Investors were sensitive to the news that CEO of Saudi Aramco Khalid Al-Falih became Oil Minister, he said that the country will remain committed to maintaining its market share, Pavel Salas, general director for Russia and CIS at brokerage company eToro, said.
There have been no sell-offs on emerging markets comparable to the Russian one, which is why no strong sell-offs are expected on Tuesday, Promsvyazbank analyst Ilya Frolov said.
No important statistic releases are expected later in the day, Manzhos said.
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