Russian stocks may fall due to falling crude, threats to economy

MOSCOW, Jan 26 (PRIME) -- The Russian stock market may continue correcting downwards on Tuesday amid falling crude prices and worries about the future of the global economy, analysts said.

“We expect controversial dynamics, and the technical picture points to further correction. The course of the trading session will be influenced by dynamics of external bourses where releases of reports of high-tech companies are expected,” Georgy Vashchenko, head of investment company Freedom Finance’s department for trade operations on the Russian stock market said.

The guidance for the MOEX Russia Index is 3,350–3,400, he added.

Senior analyst at Promsvyazbank Bogdan Zvarich sees the external background as negative with the nearest Brent oil futures falling around 0.8% to U.S. $55.2 per barrel and global investors losing their risk appetite due to worries about the recovery of the world’s economy.

Russian traders will also follow integrated steel producer Magnitogorsk Iron and Steel Works (MMK)’s 2020 financial results.

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