Russian stocks can increase on global markets recovery

MOSCOW, Jan 29 (PRIME) -- The Russian stock market will likely edge up at opening on Wednesday as the foreign markets and oil prices are recovering as coronavirus fears have abated, analysts said.

“We believe that the external background before the start of trade on the Russian market as moderately positive. The mood on the global markets has improved a bit, which caused a noticeable rise of the bulk of assets after a reduction on Monday. This was firstly due to deceleration of the spread rates of the coronavirus in China and the world,” Investment company Solid analyst Vadim Kravchuk said.

He said that the market most probably reacted to the comment of the director of the World Health Organization (WHO) that China took the right steps straightaway to contain the infection, which will reduce the risks.

Georgy Vashchenko, head of the department for trade operations on the Russian stock market at investment company Freedom Finance, attributed the start of the market recovery to the decline of media interest to the coronavirus.

Kravchuk said that the oil prices have started to recover without additional stimuli.

Anton Startsev, senior analyst at investment company Finam, said that that the U.S. stock market somewhat recovered on a solid financial report by Apple.

Sergei Drozdov, analyst at investment company Finam, put the support level for the MOEX Russia Index at 3,075 and 3,050. The resistance notch is 3,120. The local support level for the RTS index stands at 1,530, and resistance at 1,590.

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