MOSCOW, Mar 29 (PRIME) -- The Russian stock market will likely to open lower on Monday because the ship stuck in the Suez Canal was refloated and oil prices fell, analysts said.
"We are in for a day of a mild decline. But we would recommend skipping opening of short positions because the market is very volatile and there are no signals of a prolonged correction," Alor Broker analyst Alexei Antonov said.
The U.S. stock market has approached historical highs, which is why the futures fell by 0.5–0.7%, Antonov said. The industrial and precious metals prices decrease.
The stuck ship in the Suez Canal was refloated but navigation has not been restarted. Nevertheless, oil lost 2%. The oil market also reflected the statistics of active drilling rigs in the U.S., which was negative for the bulls. A forthcoming meeting of the OPEC plus agreement participants will keep the market from sales, Antonov said.
Georgy Vashchenko, head of the department for trade operations on the Russian stock market at Freedom Finance, set the MOEX Russia Index corridor guidance at 3,500–3,550.
The analyst said that the release of a financial report by Transneft for 2020 under International Financial Reporting Standards (IFRS) will be the highlight of the day.
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