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Russian Stock Falling This Week
The Russian stock market will fall until the end of the week, AntantaPioglobal senior analyst Andrey Verkholantsev stated on air on RBC TV. The uncertainty around Mechel has spread to the entire market. The situation increases the risks for investment in all Russian companies and it is possible that it will become a stimulus for a sell-off by key shareholders. Foreign funds are likely to sell their stock holdings.
BrokerCreditService head analyst Maxim Shein agrees with that assessment. “The stock market could very well fall below 1700 points on the RTS index,” he noted. Shein said a technical analysis shows that the market may correct itself upward. But the serious support for the index is at 1700 points. “The downward path is open,” Shein said. If American banks release weak financial reports, the market is likely to fall to 1700 points on the RTS index.
Aton senior analyst Vyacheslav Bunkov said that sales on the Russian stock market are tied to the fact that there are no objective reasons for growth. He noted that conditions continue to deteriorate in the American financial sector. Falling oil prices cause additional pressure on the Russian stock market. Market participants suggest that the negative trends on the oil market will continue and oil prices will continue to fall, while Russian oil companies will continue to pay high duties on oil. At 12:30 p.m. Moscow time, the RTS index was down 1.97 percent to 1858.56 points. The MICEX index was down 1.36 percent to 1431.7 points.
www.kommersant.com
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