Russian stocks seen easing as US market decreases, oil prices high

MOSCOW, May 12 (PRIME) -- The Russian stock market is to edge down at opening on Wednesday following the falling U.S. stock market, while high oil prices will likely prevent a sell-off, analysts said.

"The situation on the foreign trading floors looks grim. Inflation fears have come to the market again, as well as expectations of a faster than expected end to the U.S. economic incentive programs by the Federal Reserve System (Fed)," Alor Broker senior analyst Alexei Antonov said.

"The broad American market indices finished the day with an about 1% decrease. Although the NASDAQ closed near zero, it is too early to say that sales of high technologies stopped."

Andrei Vernikov, head of the investment research and education department of investment group Univer, said that the Russian market is unlikely to follow the U.S. trading floor because there are fewer highly-technological companies and almost no bubbles, while the oil prices are on the rise.

The U.S. stock market futures lost about 0.5%, precious metals declined in the morning. Oil saw marginal dynamics, which, according to Antonov, will make the Russian market open near Tuesday’s closure.

The Moscow Exchange will trade with dividends for the last day and is locally overbought, he said.

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