Russian stocks may fall on moderately negative background
MOSCOW, Mar 24 (PRIME) -- The Russian stock market may fall at the opening on Tuesday on moderately negative foreign background, analysts said.
“We expect the market to open with a moderate reduction of around 0.2–0.5%, around the level of 1,600 points at the MICEX index. The nearest support levels will be 1,590 and 1,580 points. And 1,620 and 1,640 points will be the resistant levels,” Nord-Capital analyst Vitaly Manzhos said.
Dynamics of the Brent oil futures remains the main indicator for the Russian stock market, the analyst said. The Brent oil remains at the level of U.S. $55.5 per barrel, losing around 0.7%, prior to the Russian market opening.
Situation on commodities markets remains uncertain, with geopolitical factors also having a negative impact on investor activity, Olma analyst Anton Startsev said.
The Russian market may decrease 0.5–0.7% at the opening on neutral oil price dynamics, Promsvyazbank analysts Yevgeny Lokhtyukov and Ilya Frolov said in a research note. The MICEX dynamics will be weakened by potential strengthening of the Russian ruble, they said.
Foreign background prior to the Russian market opening remains moderately negative. U.S. stock indexes lost 0.1–0.3%, Japan’s Nikkei225 fell by 0.15%, and Hong Kong’s Hang Seng lost 0.3%.
Volatility on the market will likely continue in the second half of the day on publication of a number of foreign statistics data, Manzhos said.
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