Stocks can fall on lowering foreign stock markets, crude prices

MOSCOW, Feb 22 (PRIME) -- The Russian stock market can open negatively and consolidate during the day on Wednesday in light of a discouraging external background and ahead of lengthy holidays, analysts said.

“Sales can intensify on the Russian stock market at the opening of the trading session on the back on the worsening global background, including a fall in crude prices,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

“The MOEX Russia Index will try to consolidate over 2,200 to keep chances for medium term recovery to the area of 2,400–2,500. If the benchmark fails to stay above the mark, correction into the area of 2,000–2,050 is possible,” he added.

Zvarich sees the current global market environment as negative with the main Asian indices losing up to 1.7%, the core U.S. indices futures recovering by 0.1% after a steep previous fall, and the nearest Brent oil futures falling by 0.3% to U.S. $82.8 per barrel.

PSB Bank senior analyst Yegor Zhilnikov said that the ruble has almost decreased to 75 rubles per U.S. dollar and is unlikely to cross the line.

Speculators can partially close long positions ahead of the lengthy holidays, he added.

The Russian stock market will be closed on Thursday and Friday due to the celebration of Defender of the Fatherland Day.

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