Russian stocks may fall at opening on decreasing oil prices

MOSCOW, Oct 31 (PRIME) -- The Russian stock market is likely to decrease at opening on Tuesday as a result of oil prices decrease in the previous days, analyst said.

“Today at the start of trading, sales in Russian securities may intensify. Yesterday investors ignored the continuing decline in oil prices, but in the future they will take into account the change in levels on the energy market, which may negatively affect Russian shares,” Bogdan Zvarich, senior analyst at financial marketplace Banki.ru, said.

According to the analyst, the MOEX Russia Index will make one more step towards the nearest support, which is the uptrend around 3,150.

Alor Broker analyst Alexei Antonov said that the market started the new week with an attempt to continue its rise, and the attempt could have been successful, if not for the falling oil.

The situation around Israel is not escalating, and now oil has no other drivers for growth, he added.

“The MOEX Russia Index is trying to find a balance point after last week's fall. The support at 3,190 has held. Now buyers need to wait for a new phase of ruble weakening to pass the resistance of 3,285. The peak period of tax payments has passed, oil is getting cheaper, so the conditions for recovery are favorable,” Vladislav Antonov, financial analyst of BitRiver, said.

End