Russian stocks may fall in line with oil prices, foreign floors

MOSCOW, Oct 13 (PRIME) -- Russian stocks may decrease at the opening on Thursday pressured by negative foreign background and falling oil prices, analysts said.

"We expect the Russian stock market to open with a significant decrease of around 0.5% at the MICEX index, around 1,985," Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said. The nearest support levels will be 1,980 and 1,970 points, while 2,000 and 2,010 will be resistance zones, he said.

Oleg Shagov, head of investment company Solid’s research department, expects the MICEX to open at around 1,985–1,990 points.

The U.S. stock index futures decreased by 0.7% prior to the Russian trade opening, Japan’s Nikkei225 fell 0.6% and Hong Kong’s Hang Seng lost 1.3%. Brent oil futures went down 0.7%, Manzhos said.

Shagov said Brent oil price fell below U.S. $52 per barrel on reports about growth of the U.S. oil reserves.

Investors will follow publication of operating results by steel producer NLMK, Magnitogorsk Iron and Steel Works (MMK) and construction company LSR Group on Thursday, analysts said.

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