MOSCOW, May 7 (PRIME) – The Russian stocks may start Tuesday trade with a slight contraction due to negative signals from abroad, analysts said.
“The MOEX Russia Index lost a symbolic 0.05% yesterday, with Sberbank and Norilsk Nickel staying in the green, which means that foreigners do not flee the market. At the same time, the U.S. stock index futures are up 0.5% this morning, and the Asian floors also found no strength for a noticeable rebound. Even oil slid from its Monday evening highs. This favors a negative opening of our stock market,” Alexei Antonov, analyst at Alor Broker, said.
Vitaly Manzhos, senior risk manager at investment company Algo Capital, also said that the background for the Russian market was moderately negative in the morning as the U.S. stock index futures and oil prices contracted, the futures for gold lost 0.1%, and Japan’s Nikkei225 shrank by 1.5%.
“We expect the MOEX Russia Index to open with a moderate decrease of about 0.2% close to 2,575. The levels of 2,560 and 2,550 will again act as the closest support, while 2,590 and 2,600 will become the resistance,” Manzhos said.
“In the short term, the RTS Index may consolidate around 1,250. Reports about cancellation of a visit of Chinese representatives to the U.S. for trade talks were not confirmed, and it eased tensions at the Asian stock bourses,” Olma’s senior analyst Anton Startsev said.
“But the U.S. plans to raise duties for Chinese goods are still in force, so the ‘trade war’ factor explains an almost 2% contraction of the MSCE EM emerging markets index yesterday.”
Manzhos also said that no key economic statistics was scheduled for the day, but U.S. job openings to be published at 5.00 p.m. Moscow time may have an impact on trade in Russian shares.
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