Russian stocks to dip slightly before US Fed chair speech

MOSCOW, Sep 24 (PRIME) -- The Russian stock market will decrease on Thursday because the negative oil price and foreign markets dynamics gives no reasons for optimism but there will be no strong trends in Russia before a speech of U.S. Federal Reserve System (Fed) Chairwoman Janet Yellen, analysts said.

“A certain standstill is possible on the market during the day – traders are waiting for a speech of Fed Chairwoman Janet Yellen, which will take place already after the Russian trading session’s closing,” Anton Startsev, senior analyst at investment company Olma, said.

Brent rose 0.57% to U.S. $48.02 per barrel at 9.16 a.m., Moscow time on Thursday but still, on Wednesday in the evening, the prices could not remain above the $49 notch, which will set a downbeat mood in Russia in the morning, Oleg Shagov, head of the analytical department at investment company Solid, said.

Both U.S. stocks futures and the key Asian indices are decreasing, which is also a negative sign, Shagov said.

The MICEX is oversold, it has decreased 6% since the highs by now, Finam analyst Anton Soroko said.

Norilsk Nickel shares can see a noticeable fall on Thursday in the morning because of an ex-dividend gap, Startsev said.

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