Russian stocks to decrease as oil prices resume decline

MOSCOW, Dec 22 (PRIME) -- Russian stocks will likely decrease at the opening on Thursday in line with oil prices, which resumed a downward trend after a release of the U.S. oil reserves data, analysts said.

“We expect the Russian stock market to open negatively at around 2,205 points at the MICEX index, assuming that this stock indicator will again test for resistance the support zone that has formed around the psychological notch of 2,200 points,” Oleg Shagov, head of investment company Solid’s research department, said. On Wednesday, the MICEX closed at 2,212.33.

The ultimate influence of key external factors that have an impact on the Russian financial market is moderately negative at the beginning of the day, he said. Brent oil futures fell below U.S. $55 per barrel after publication of statistics indicating growth of the U.S. oil reserves.

The leading U.S. stock index futures are suffering losses, and main Asian stock indicators are mostly decreasing.

Finam analyst Timur Nigmatullin projects that the MICEX will drop by up to 0.5% in the first half of the day due to negative foreign background.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, expects that the MICEX will fall by around 0.3% at the opening. The nearest support zones will be 2,200 and 2,190, while 2,220 and 2,230 will act as resistance.

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