Russian stocks to slide on oil price fall, Greek talks failure

MOSCOW, Jun 15 (PRIME) -- The Russian stock market will open with a decrease on Monday because of a failure of Greece bailout negotiations and due to oil price decline, analysts said.

“The RTS can see its downward correction deepening today at the start of the trade under influence of the external background. Concerns over the Greek debt issues grew after an unsuccessful round of negotiations with creditors last Sunday,” Olma’s senior analyst Anton Startsev said.

“We think that the opening of the trade will be in the negative zone for both indices and that a moderately negative dynamics will persist during the day,” Promsvyazbank analysts Ilya Frolov and Yevgeny Lokhtyukhov said.

Brent fell 0.47% to U.S. $63.57 per barrel at 9.21 a.m., Moscow time, which is a negative factor for Russian stocks, Oleg Shagov, head of analytical department at investment company Solid, said.

U.S. stocks futures and the key Asian indices were demonstrating a negative dynamics on Monday in the morning, which will also push Russian stocks down, he said.

Investors will wait for the Russian central bank’s decision regarding the key rate later in the day. The authority may cut it to 12% or even 11.5% annually, Shagov said.

The most important event later this week will be the St. Petersburg International Economic Forum, the number of participants will grow as compared with the last year one, Shagov said.

Traders will also pay attention to a meeting of the U.S. Federal Reserve System later this week. The ruler is not expected to change the key rate this time but it will change macroeconomic forecasts, Shagov said.

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