Russian stocks seen declining on oil price weakening

MOSCOW, Aug 14 (PRIME) -- The Russian stock market will likely fall at opening on Monday on the back of a noticeable oil price decrease, analysts said.

"We expect sales to become active today at the start of trade in Russian shares. Foreign markets’ mood deterioration and correction of the oil prices will pressure our market and can force it to start decreasing," senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

The analyst characterized the foreign stock market situation as negative because the key Asian markets lost up to 1.2%, the key U.S. futures up to 0.2% and the nearest Brent futures 1% to below U.S. $86 per barrel.

Alexei Antonov, head of Alor Broker’s investment consulting department, said that the ruble is still under pressure, because the effect of foreign currency revenue on the back of a recent oil price growth was insignificant.

The national currency is to strengthen next week nevertheless, as the exporters will be preparing for tax payment. The effect is expected to be a short-term one, he said.

End