Russian stocks may fall on Fitch downgrade, lower oil prices

MOSCOW, Jan 12 (PRIME) -- The Russian stock market will slide at Monday opening as Fitch recently downgraded the country’s credit rating and oil prices have continued to decrease, analysts said.

“The external background for the Russian market is negative prior to the opening of the trading session as oil rebounded only slightly from its Friday’s (January 9) mid-day fall later during that day. The U.S. and European stock indices traded predominantly in the red zone,” Platon Maguta, senior manager at Fond Maguta managing company, said.

Brent oil price fell 1.50% to U.S. $49.36 per barrel at 9.22 a.m. Moscow time.

Fitch downgraded Russia’s credit rating to BBB- from BBB with negative outlook earlier in January. “I must mention that we may see an equal statement by Standard & Poor’s later this week, because in December, the agency put Russia’s rating for revision,” Andrei Dirgin, head of Alfa-Forex analytic department, said.

On Monday, investors will pay attention to a release of Russian inflation figures for December and the first days of January.

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