Russian stocks may fall as ruble resumes strengthening

MOSCOW, Aug 17 (PRIME) -- The Russian stock market will likely open lower on Thursday, as the ruble restarted strengthening, analysts said.

"The Russian shares are getting cheaper because of ruble strengthening and falling oil quotations. Taking into account the decline of the ruble pairs on the Moscow Exchange at opening, the stock market session start is expected to continue its fall of the MOEX Russia Index to the support level of 2,970," BitRiver’s financial analyst Vladislav Antonov said.

Alexei Antonov, head of Alor Broker’s investment consulting department, said that the ruble added about 0.5% in the morning after soaring on Wednesday on media reports that earlier discussed obligatory foreign currency revenue sales by exporters were not confirmed "yet, an agreement with large exporters that they will raise the volume of the U.S. dollars and the Chinese yuan sold on the Moscow Exchange was reached," he said.

Oil declined slightly to U.S. $83.3 on Thursday in the morning.

"Thus, there are all conditions for correction to continue on the Russian stock market, at least, in the morning," Alor's Antonov said.

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