MOSCOW, Sep 8 (PRIME) -- The Russian stock market may start the Thursday trading session slightly higher as the market will price in the moderate correctional growth of oil prices, analysts said.
“We expect the Russian trade to start with a moderate change or a slight growth of the MOEX Russia Index of 0.8% in the range of 2,390–2,420. The levels of 2,380 and 2,360 will act as the closest support, while 2,430 and 2,450 will become the significant resistance levels,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.
The external background is positive as the futures for the U.S. stock indices gained 0.2%, the Brent oil price rose by 0.7%, the Shanghai Composite index grew by 0.1%, and the Nikkei225 index by 2.3%. This creates condition for the MOEX Russia Index to stop its two-day fall, Manzhos said.
But Bogdan Zvarich, senior analyst at financial platform Banki.ru, said that the growth of the Brent oil price on Thursday morning is not that significant considering the depth of the price contraction on Wednesday, and that investors may still price in the fact that oil prices are rather low right now.
“The MOEX Russia Index fell by 1% to around 2,402 on Wednesday, and we think that the downward correction that started on Tuesday near the level of 2,500 may continue on Thursday, and worsening of the situation on the energy market will become the main factor of pressure. Given the circumstances, the MOEX Russia Index may make a significant step toward the level of 2,350 this session,” Bogdan Zvarich.
Manzhos also said that that in the second half of the day, investors would focus on external political news and national corporate news. The announcement of results of the recent European Central Bank’s meeting would be a significant event, as well as the release of weekly data on oil and oil product reserves in the U.S. by the country’s Department of Energy, he said.
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