Russian stocks seen easing on oil price decrease, Christmas

MOSCOW, Dec 24 (PRIME) -- The Russian stock market will likely edge down at opening on Friday on the back of an oil price fall and the absence of Western investors who celebrate the Christmas Eve, analysts said.

"The external background before the start of early trade in Russia can be characterized as moderately negative. Yet, many foreign bourses will be closed today to celebrate Catholic Christmas. These factors and yesterday's sale-off on the local stock market create conditions for opening of the IMOEX2 with a marginal gap," Vitaly Manzhos, senior risk manager of Algo Capital, said.

Brent lost 0.5%, the gold futures added 0.4%. China's Shanghai Composite decreased 0.8%, -- all these, according to Manzhos, will favor sales.

Media reported that the U.S. is ready to start security negotiations with Russia, but the dates have not been announced. According to Manzhos, this was an indirect signal that tensions between the countries could be resolved in the medium term. "At least, the sanction risks connected with this scenario can be postponed indefinitely if the leak is confirmed," Manzhos said.

He added that Thursday's press conference of President Vladimir Putin did not support the local market, which watched for the news about Rusnano, of which Putin said that the company must “work” with the creditors on its own, in spite of state guarantees.

Elena Shishkina, analyst at Univer Capital, said that the Western markets will likely rise next week after several weeks of mixed trends, as evidence was found that the Omicron strain of the COVID-19 is less dangerous than Delta.

 Bogdan Zvarich, senior analyst of Banki.ru, said that since the risk of new lockdowns has decreased, the Russian market would likely consolidate near the current levels later in the day.

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