Russian stocks may fall dragged by oil prices, foreign floors

MOSCOW, May 23 (PRIME) -- Russian stocks may decrease at the opening on Wednesday dragged by oil price fall and a worsened foreign background, analysts said.

“We expect the market to open with a decline of 0.3–0.4%. Later it is necessary to follow the U.S. market, which is waiting for hints on plans to raise the rate in the minutes of the May meeting of the Federal Reserve System,” Alor Broker analyst Alexei Antonov.

Brent oil price is losing 0.5% ahead of the Russian opening and may fall below U.S. $79 per barrel, he said.

Olma senior analyst Anton Startsev said that “downward correction on the RTS index is possible at the start of trading today under pressure of the foreign background. The situation on global stock floors has slightly worsened due to geopolitical risks.”

The U.S. stock indices lost 0.2–0.7%, the U.S. stock index futures are trading below the level of close, European indices closed with growth, and Asian floors are decreasing, he added.

Vitaly Manzhos, senior risk manager at investment company Nord Capital, expects the MOEX Russia Index to fall 0.7% at the opening.

The market will be affected by corporate events, including a financial report of mobile operator MTS, later in the day, Startsev said.

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