Russian stocks likely to open lower awaiting presidents’ meeting

MOSCOW, Mar 2 (PRIME) -- The Russian stock market is likely to ease amid neutral global background on Thursday with the U.S. benchmarks trading flat and Asian markets showing slightly positive dynamics, analysts said.

Andrei Vernikov, deputy CEO for investment research of Zerich Capital Management, does not believe that Wednesday’s gains stopped a bullish trend, which started in late February.

“Correction on emerging markets is not over. Bulls took their profits yesterday… Investors are waiting for financial -- and not only financial – news,” he said.

“The Russian market is in a correction regime and is looking forward to the date of a long-awaited meeting between the U.S. President Trump and Russia’s President Vladimir Putin. Russian Federation Council’s Chairwoman Valentina Matviyenko yesterday reiterated that the Foreign Ministry is preparing the meeting, adding that there is a feeling the agenda will prove positive,” Vernikov said.

The MICEX will again try to recover from last week’s losses, Oleg Shagov, head of investment company Solid’s research department said.

Russian traders will follow 2016 financial results releases by the country’s biggest lender Sberbank, national flag carrier Aeroflot and the Moscow Exchange. The Moscow Exchange will also unveil dividend payments for the period.

End