Russian stocks may fall dragged by oil prices, global floors

MOSCOW, Dec 5 (PRIME) -- Russian stocks are expected to decrease at the opening on Wednesday dragged by falling oil prices and negative dynamics on global stock floors, analysts said.

“We expect the negative opening of the MOEX Russia Index with a significant decline of 0.5–1%, near the notch of 2,425 points. The nearest support levels will again be 2,420 and 2,420 points. The main resistance will remain at 2,450 and 2,460 points,” Vitaly Manzhos, senior risk manager at Algo Capital, said.

Before the start of trading in Russia, the U.S. stock index futures are falling by up to 0.4%, Brent oil futures decreased 1.7%, gold futures lost around 0.7%, Japan’s Nikkei225 fell 0.7%, and Hong Kong’s Hang Seng dropped 1.8%.

Major U.S. stock markets will be closed on Wednesday in honor of former President George H.W. Bush, who died on November 30 at 94.

Olma senior analyst Anton Startsev said, “Downward correction at the RTS index is possible today at the start of trading under pressure of the foreign background. Trading on global stock exchanges is again characterized by increased volatility, although confirmation by the Chinese Ministry of Commerce of plans to hold talks with the U.S. played the role of a factor in the stabilization of quotations after the close of trading on the U.S. floors.”

Buyers’ activity on the oil market also decreased ahead of the OPEC meeting, he added.

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