MOSCOW, Nov 9 (PRIME) -- The Russian stock market can edge down at the opening and continue the negative trend later in the day on Wednesday following the discouraging dynamics of crude prices, analysts said.
“We expect that negative sentiments will persist on the Russian stock market. The worsening situation on the energy market with active sales that have led to a significant fall in oil prices after the (Russian market’s) closing on Tuesday can be a trigger,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.
The situation will pressure Russian energy stocks, and the MOEX Russia Index can fall to below 2,200, Zvarich also said.
If the market manages to consolidate above the 2,200 mark, investors can start taking profit from long positions, which can also trigger downward correction to the area of 2,160, he added.
Zvarich sees the external environment as moderately negative. Asian markets are losing up to 0.6% with South Korea that is rising by 1% being the only exclusion. The core U.S. indices futures are consolidating near the level of the previous closing, and the nearest Brent oil futures continue their negative trend falling by 0.3% to slightly above U.S. $95 per barrel.
Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open with a modest decrease of up to 0.8% within the range of 2,190–2,215, but sees no prerequisites for aggressive sales of local shares.
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