Russian stocks seen opening lower as oil prices decrease

MOSCOW, Aug 15 (PRIME) -- The Russian stock market is likely to edge down at the opening on Monday in light of a fall in crude prices and a mixed foreign background, analysts said.

“We expect the MOEX Russia Index to open by up to 1% lower, within the range of 2,125–2,145… The benchmark is likely to mirror a significant fall of crude futures in the morning, and then consolidate in the negative territory,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

He also said that the external background looks uncertain or mixed with the main U.S. indices futures demonstrating a fall of up to 0.3%, the Brent oil price losing around 1.2%, but Asian bourses trading flat or higher.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich also expects sales on the local market at the beginning of the trading session, which can drive the MOEX Russia Index into the range of 2,120–2,140.

The market can also be influenced by the central bank’s decision to allow non-residents from the friendly states to bond market and local corporate stories including oil company Tatneft board of directors’ decision on dividends for January–June.

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