Russian stocks may fall as oil, global floors slide on US elections

MOSCOW, Nov 9 (PRIME) -- Russian stocks may decrease at the opening on Wednesday as oil prices and global floors are falling on preliminary results of the U.S. presidential elections, analysts said.

“We expect the stock market to open with a strong decrease of around 2% at the MICEX index, at around 1,920–1,940 points,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said. The nearest support levels will be 1,910 and 1,900 points, while the resistance zones are 1,950 and 1,970, he said.

“The foreign background before the start of Russian trading can be described as extremely negative. This is connected with the news that under preliminary data Donald Trump is leading the U.S. presidential elections,” Manzhos said.

Finam analyst Timur Nigmatullin said that Asian stock indicators are significantly decreasing prior to the Russian opening, with China’s CSI300 losing 0.64% and Japan’s Nikkei 225 falling by 5.28%. The U.S.’ S&P 500 is losing 4.56%, the analyst said.

Brent oil futures are falling by around 2.5%, Nigmatullin said.

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