MOSCOW, Aug 18 (PRIME) -- The Russian stock market is likely to edge down at opening and will follow mixed triggers during the day on Friday, analysts said.
“The external background ahead of the Russian stock market’s opening is mixed. The global stock exchanges’ dynamics may prompt sales… on the other hand, the crude market supports bulls… The negative trend is likely to top so I expect the market to open lower with the MICEX falling to below 1,940 in the first minutes of trade,” senior analyst at Freedom Finance Bogdan Zvarich said.
Finam analyst Sergei Drozdov said that he sees the MICEX’s current support level at around 1,930 and the benchmark is likely to slide to 1,900 if the mark is broken through. To resume growth it needs to consolidate above 1,960, the expert said.
“The market situation is boring from my point of view. Bulls are trying to push the MICEX higher to consolidate above 1,940. If they fail, the benchmark is likely to fall to around 1,900-1,910. Everybody is mentally ready for it as August has a bad track record on the Russian stock market,” Andrei Vernikov, deputy CEO for investment analysis of Zerich Capital Management, said.
The Brent oil price bounced back from $50 per barrel and is consolidating at around $50.8. Senior Forex Club analyst Alyona Afanasyeva said there are conditions for a further rise in oil prices following a report from Saudi Arabia, the world’s biggest crude exporter, that its exports fell to a three-year low in June.
The major U.S. indices futures are winning back Thursday’s losses and the Asian stock exchanges area trading flat, Zvarich said.
Investors will also follow publication of oil and gas pipe maker TMK’s IFRS financial results for April-June among other corporate events.
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