Russian stocks seen decreasing on ruble strengthening

MOSCOW, Jul 3 (PRIME) -- The Russian stock market will likely open lower on Monday because of strengthening of the national currency, analysts said.

"Weakening of the ruble was the key support for the IMOEX index. The ruble strengthened in the morning. This is why the stock market will be under pressure at opening. The level of 2,775 is support. I do not expect a strong fall," BitRiver financial analyst Vladislav Antonov said.

The Brent oil price rose by 1.19% on June 30 to U.S. $75.12, after the U.S. Energy Department said it signed a purchase of 3.2 million barrels to replenish the strategic reserve at an average price of $72 per barrel, Antonov said. On Monday in the morning, the prices grew further and reached $75.43.

China's purchasing managers’ index (PMI) Caixin declined to 50.5 in June from 50.9 in May but stood above an earlier estimate of 50.2, which supported the oil market, Antonov said.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said that the start of the trading week is to be calm on the global markets, as the U.S. is to celebrate Independence Day on Tuesday. The mood on Monday morning was upbeat, with the key Asian floors adding up to 1.6%, and the U.S. stocks futures consolidating near the June 30 closure levels after a growth.

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