Russian stocks to drop on falling oil, negative background

MOSCOW, Jun 18 (PRIME) -- Russian stocks may decrease at the opening on Monday amid a negative foreign background and sliding oil prices amid OPEC+ deal concerns, analysts said.

“We expect the MOEX Russia Index to open with a significant decrease of around 0.5%, near the level of 2,225 points,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said. The nearest support levels will be 2,210 and 2,200 points, while 2,240 and 2,250 points will act as resistance.

The U.S. stock index futures lost up to 0.6% ahead of the Russian opening, gold futures added 0.3%, and Japan’s Nikkei225 dropped 0.8%.

Brent oil futures lost 0.7% after a major decline on June 15 over concerns about a possible increase of international oil production quotas under the OPEC+ deal, Manzhos said.

Georgy Vashchenko, director of operations on the Russian stock market at investment company Freedom Finance, expects the MOEX Russia Index to trade around 2,200–2,220 points.

End