Russian stocks may fall on oil price, Asian markets’ sagging

MOSCOW, Apr 17 (PRIME) -- The Russian stock market may open with a negative gap on Monday because of an oil price fall and Asian markets’ decrease, analysts said.

“The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately negative today at the start of the day, in our estimates,” Oleg Shagov, head of investment company Solid’s research department, said.

Brent oil futures are decreasing as the U.S. drilling activity continues to rise. U.S. stock market futures are falling a little; Asian markets are demonstrating predominantly negative dynamics. The European trading floors will remain closed for Easter Monday. All these factors will contribute to a bearish mood in Russia, he said.

Bogdan Zvarich, an analyst at investment company Finam, said that the American and European bourses were closed on April 14, which is why the Russian market will be mostly reacting to the oil price and Asian markets’ dynamics.

The MICEX is expected to open at 1,916 and will remain at this level during the day as investors’ activity is expected to be low, Shagov said.

Zvarich said that the Russian indices will mostly follow oil trends later in the day and will react to the U.S. stock markets’ opening in the evening.

A Russian court will consider a case by the central bank against the Telmamskaya GES power plant, part of holding EuroSibEnergo of Oleg Deripaska, on Monday. Shagov said that hearing results can significantly influence the shares of some Russian companies.

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