Russian stocks to slide on oil price fall, Chinese woes

MOSCOW, Aug 19 (PRIME) -- Russian stocks will open lower on Wednesday as a continuous oil price and Chinese stocks decrease depresses market mood, analysts said.

“The influence of the main external factors on the Russian stock market today at the start of the day is slightly negative according to my estimates,” Oleg Shagov, senior analyst at investment company Solid, said.

Brent fell 0.51% to U.S. $48.56 per barrel at 9.21 a.m., Moscow time. The Shanghai Composite broke through support levels and is heading for new lows, Shagov said.

The U.S. indices closed on the negative territory on Tuesday, which is also a bad sign for Russian traders, Investitsionnaya Palata analyst Alexander Volynsky said.

The MICEX support zone will stand at 1,670-1,680 on Wednesday, Volynsky said.

Late in the evening, after trading closes in Moscow, the U.S. Federal Reserve System will publish its minutes, in which market participants will try to find signs of the Fed’s attitude towards the key rate increase, Alexander Kostyukov, analyst at Veles Capital, said.

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