Russian stocks seen falling in line with oil prices

MOSCOW, Dec 20 (PRIME) -- Russian stocks are likely to decrease at the opening on Tuesday under the pressure of falling oil prices and amid quite neutral foreign background, analysts said.

“We expect the Russian stock market to open at the level of 2,210–2.215 points at the MICEX index and do not rule out that this stock indicator will continue reduction and test the support zone near the psychological level of 2,200 points for resistance if the foreign background deteriorates,” Oleg Shagov, head of investment company Solid’s research department, said. On Monday, the MICEX closed at 2,215.69.

The ultimate influence of key external factors that have an impact on the Russian financial market is close to neutral at the beginning of the day, he said. Brent oil futures have again fallen below U.S. $55 per barrel amid forecasts of warm weather in Europe in the first quarter of 2017, he said.

The U.S. stock index futures are not changing much, while main Asian stock indicators are not showing single dynamics.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, expects that the market will open with a moderate decrease of around 0.3% at around 2,210 points at the MICEX index. The nearest support levels will be 2,200 and 2,180, while the resistance levels will be 2,230 and 2,240.

Finam analyst Timur Nigmatullin said the MICEX will decrease by up to 0.5% at the opening.

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