Russian stocks can fall on oil price, foreign markets decrease
MOSCOW, Jan 17 (PRIME) -- The Russian stock market can open with a negative gap on Wednesday due to a decrease of oil prices, foreign market indices and a rise of volatility, analysts said.
“The state of the external background before the start of trade in Russia can be qualified as moderately negative. A noticeable decrease of futures for the MOEX Russia Index and RTS is a strong argument for a weak opening of the local market,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said.
U.S. stock market futures are nearly flat, the Brent price fell 0.2%, gold futures are seeing marginal dynamics, Nikkei 225 and Hang Seng decreased. All these factors will pressurize Russian assets, he said.
The MOEX Russia index is expected to open close to 2,250. The levels of 2,240 and 2,230 will be the support ones and 2,260 and 2,270 the resistance ones, Manzhos said.
According to Anton Startsev, senior analyst at investment company Olma, an increase of the VIX volatility index to 11 will most probably cause a downward correction of RTS.
Release of operating figures of Novolipetsk Steel (NLMK), Detsky Mir and Etalon Group for October–December will be the most important Russian corporate events on Wednesday, according to Oleg Shagov, head of the investment company Solid’s research department.
Reports of Goldman Sachs and Bank of America are awaited by investors worldwide, he said.