Russian stocks seen falling on oil price, foreign mkts decrease

MOSCOW, Sep 7 (PRIME) -- The Russian stock market will likely decrease at the start of Monday's trading session due to a fall of oil prices and foreign market indices, analysts said.

"The external background remains relatively unfavorable for the Russian stock market. In particular, the Brent futures are trading way below the levels of Friday’s closing on the news that Saudi Arabia cut its  oil prices with October delivery," Olma senior analyst Anton Startsev said.

On Monday morning, Brent fell by 1.29% to U.S. $42.11 as of 9:15 a.m., Moscow time.

Georgy Vashchenko, head of the department for trade operations on the Russian stock market at investment company Freedom Finance, said that the global markets are moderately correcting downwards. The U.S. high-tech sector is falling most, while companies in the financial, raw material and industrial sectors are less affected.

According to Vashchenko, a report of gold producer Polyus for April–June under International Financial Reporting Standards (IFRS) would be in the focus of Russian investors. The target price of Polyus’ shares is 19,260 rubles, which envisages a more than 10% growth without dividend. 

(75.1823 – U.S. $1)

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