Russian stocks can fall on indifference to risky assets
MOSCOW, Sep 3 (PRIME) -- The Russian stock market will likely fall at opening on Monday as investors will prefer to avoid any emerging market assets, analysts said.
УLast weekend, it came to light that international rating agency Fitch changed the outlook for the ItalyТs rating to Negative from Stable, which was a reason for weakening of the euro and rise of the demand for the U.S. dollar as aЕ safe haven,Ф Anton Startsev, a senior analyst at investment company Olma, said.
УStrengthening of the dollar can hurt demand for emerging markets shares, including the Russian market.Ф
Vitaly Manzhos, a senior risk manager at investment company Algo Capital, said that the Brent futures eased by about 0.15%, the gold futures were neutral, the Asian markets declined, while the U.S. bourses will be closed for a holiday.
As a result, the MOEX Russia Index can fall by 0.1Ц0.3% to 2,335 at the session start. The levels of 2,320 and 2,310 will act as support and 2,350 and 2,360 as resistance. Startsev said that the RTS index might correct downwards.
Manzhos said that the Russian market can see mixed dynamics with possibly noticeable changes in some securities.