Russian stocks to fall on oil price slide, exporters’ shares subdued

MOSCOW, Apr 24 (PRIME) -- The Russian stock market may open lower on Friday because oil prices were decreasing in the morning, while the still high exchange rate of the ruble undermines the share price of exporters, analysts said.

“A certain downward correction is possible today in the start of the trading because of spoiling of the external background. The Brent futures’ upward movement stopped after testing a notch of U.S. $65 per barrel, sales predominate on Asian stock exchanges,” Olma analyst Anton Startsev said.

On Thursday, the dollar-denominated RTS rose 2.44% and the MICEX fell 0.89% on a surge of the ruble.

The potential of the ruble increase has almost drained by now, and investments in Russian exporters’ stocks seem a viable strategy, IT Invest analyst Vasily Oleinik said. On Friday, exporters’ stocks will continue to sag, Promsvyazbank’s analysts Ilya Frolov and Yevgeny Loktyukhov said.

The growth at the U.S. and Asian stock markets contradicts negative statistics figures in all key world economies, released earlier this week, Oleinik said. “It is precise this time when everyone is over the top with optimism, and nobody fears, it is the most dangerous period for investments,” Oleinik said.

On Friday in the evening, European authorities will meet to decide on additional financial aid to Greece, but a positive decision seems unlikely, Startsev said. European markets may be hurt by that news, he said.

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