Russian stocks to open lower pressured by negative environment

MOSCOW, Nov 20 (PRIME) -- The Russian stock market is likely to open considerably lower on Tuesday pressured by a discouraging global background, analysts said.

“We expect the MOEX Russia Index to edge down by a noticeable 0.5% within a range of 2,360–2,365 points… In the first minutes of trade, the benchmark will price in significant worsening of the external background. It may slide to around 2,350 which may become a temporary support for the index,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The U.S. stock index futures are falling by around 0.45%, the Brent oil price dropped 0.5%, and the Asian markets are in the negative territory as well, so the foreign background is clearly negative, he added.

Forex Club analyst Ivan Marchena agreed that the Russian stock market is likely to fall at the opening following oil prices and global floors dynamics.

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