MOSCOW, Jul 26 (PRIME) -- The Russian stock market can edge down at the opening on Wednesday amid a controversial foreign background, but strengthening of crude prices can support the local benchmarks’ further dynamics, analysts said.
“Sales can appear on the Russian stock market at the beginning of the trading session following the downward correction dynamics of the energy market. As a result, local benchmarks can lose a part of their growth demonstrated at the beginning of the week, and the MOEX Russia Index can fall to the range of 2,950–2,970,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.
The global background is controversial with the main Asian markets trading mixed, the core U.S. indices futures losing around 0.1%, and the Brent oil price correcting down by 0.6% to U.S. $82.8 per barrel, he added.
The upcoming U.S. Federal Reserve’s key rate decision will become the major factor for the global markets. Market participants expect the rate to be increased by 25 basis points, Zvarich also said.
Alexei Golovinov, chief analyst at PSB Bank, expects the MOEX Russia Index to advance to the level of 3,000 thanks to the support of crude prices that have strengthened much lately.
Oil companies Lukoil, Tatneft and Rosneft can be the day’s favorites, he added.
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