Russian stocks may fall at opening on profit taking

MOSCOW, Nov 28 (PRIME) -- Russian stock market is likely to decrease at opening on Tuesday amid profit taking and unfavorable global environment, analysts said.

“Profit taking on long positions has started on many shares included in the MOEX Russia Index. If it is not stopped, we are preparing to strengthen the downward correction to the level of 3,120–3,135 points,” BitRiver’s financial analyst Vladislav Antonov said.

Today, companies are making large tax payments, which supports the ruble, the analyst said. However, after passing this peak, the pressure on it may increase, he added.

Brent oil prices slightly declined by 0.09% to U.S. $80.12 per barrel amid uncertainty ahead of the upcoming OPEC+ meeting, Antonov said. A number of participants are supporting the idea of increasing production, which creates risks for price dynamics, he also said.

“Today, a disturbing environment has developed. Stock exchanges in Asia mostly sold... The oil market stabilized its position after the decline the day before, but it does not go further,” management company Alfa-Capital’s senior trader Vladislav Silayev said.

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