Russian stocks may fall pressured by negative foreign background

MOSCOW, Sep 26 (PRIME) -- Russian stocks may decrease at the opening on Monday pressured by low oil prices and overall negative foreign background, analysts said.

“We expect the Russian stock market to open with a decrease to around 2,005 points at the MICEX index, assuming that this stock indicator may again test the support zone of slightly below the psychological figure of 2,000 points for resistance if foreign background worsens,” Oleg Shagov, head of investment company Solid’s research department, said.

The market’s intraday dynamics will depend on the behavior of oil prices and Western stock indicators, as well as the ruble rate changes and ongoing events, the analyst said.

Investors will follow the International Energy Forum in Algeria and an informal meeting of OPEC members these days, he said.

The ultimate influence of key external factors that have an impact on the Russian financial market is moderately negative at the beginning of the day, Shagov said. Brent oil futures are partially winning back losses suffered on September 23, but are by around 1% lower than the level of last week’s close.

The U.S. stock index futures are slightly decreasing, and main Asian stock indicators are mostly falling.

Olma senior analyst Anton Startsev said that “a downward correction at the RTS index is possible today at the start of trading in line with foreign background, while there are no reasons for strong movements.”

Finam analyst Timur Nigmatullin expects the MICEX to fall 0.5–1% at the opening under pressure of negative foreign background.

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