Russian stocks may fall on negative background, low oil
MOSCOW, Oct 27 (PRIME) -- Russian stocks may decrease at the opening on Tuesday on the back of low oil prices and a negative foreign background, analysts said.
“We expect the Russian market to open with a falling RTS index and at around 1,710 of the MICEX index,” Oleg Shagov, head of the research department at investment company Solid, said. On Monday, the MICEX closed at 1,712.13.
The influence of the key factors that significantly affect the Russian financial market is moderately negative with the Brent price falling to U.S.$ 47, the analyst said.
U.S. stock index futures are suffering losses, while main Asian stock indicators are mostly demonstrating negative dynamics.
“A deeper downward correction is possible for the RTS today at the start of the trading session in the wake of global oil prices and Asian stock indices decrease – traders are cutting speculative positions ahead of the Federal Open Market Committee meeting, which will take place today and tomorrow,” Olma senior analyst Anton Startsev said.
Vitaly Manzhos, senior analyst at Bank Obrazovanie, expects the MICEX index to fall at opening by 0.2–0.4%. The closest support levels will be 1,700 and 1,690, while 1,720 and 1,735 will be resistance levels, he said.
A meeting of a presidential energy commission chaired by Vladimir Putin will be the most important event of the day, which may influence investor mood, Shagov said.
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