Russian stocks to edge down at opening following oil prices

MOSCOW, Dec 9 (PRIME) -- The Russian stock market will be under pressure at the opening on Friday due to weak oil prices, and can continue downward correction later in the day, analysts said.

“We expect pressure on the Russian stock market at the beginning of the trading session today. The reason is weak energy prices, which can affect the shares of the oil and gas sector. As a result, the MOEX Russia Index can make another step to the month’s lowest of slightly above 2,160,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

If the benchmark breaks thought the 2,220 support line, the market can turn to a further correction scenario into the area of 2,050–2,100, he added.

Zvarich sees the external background as positive with the main Asian markets rising by up to 1.3%, the core U.S. indices futures adding up to 0.2%, and the Brent oil price making a recovery attempt of 0.8% to U.S. $76.7 per barrel.

BitRiver financial analyst Vladislav Antonov expects the MOEX Russia Index to spend the day within the range of 2,175–2,200, and the RTS index within the range of 1,085–1,110.

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