Russian stocks may fall on negative background, oil price decline

MOSCOW, Dec 6 (PRIME) -- Russian stocks are projected to decrease at the opening on Thursday amid a negative foreign background and falling oil prices, analysts said.

“We expect the negative opening of the MOEX Russia Index with a significant decline within 0.5–1%, in the range of 2,420–2,430 points. The nearest support levels will be 2,410 and 2,400 points. The main resistance will remain at 2,450 and 2,460 points,” Vitaly Manzhos, senior risk manager at Algo Capital, said.

Before the start of trading in Russia, the U.S. stock index futures are demonstrating a strong decline within 1.7%, Brent oil futures lost 0.8%, Japan’s Nikkei225 edged down 2.2%, and Hong Kong’s Hang Seng dropped 2.7%.

Olma senior analyst Anton Startsev said the RTS index may return to below 1,150 points at the start of trading under pressure of external factors, as the situation on global stock markets remains tense due to uncertainty in talks on trade issues between the U.S. and China.

Traders will switch their attention to the oil market later in the day, as OPEC representatives will meet in Vienna to make a decision on prolongation of the oil production cut deal.

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