MOSCOW, Jan 12 (PRIME) -- Russian stocks are likely to open neutrally on Friday as a mixed background deprives the market from drivers, analysts said.
“We expect the Russian stock market to open near a 2,245 mark of the MOEX Russia Index and suppose that the long New Year rally of seven consecutive trading sessions and the upcoming long weekend in the U.S. may curb the activity of investors,” Oleg Shagov, head of investment company Solid’s research department, said.
“Moreover, the ‘Kremlin report’ announced by the U.S. government, which is to be published in the second half of January, can cool down Russian stock bulls.”
Vitaly Manzhos, a senior risk manager at investment company Nord Capital, said that the background for the Russian market is mixed early in the day, as the U.S. stock index futures are not changing significantly, the Brent oil price eased, futures for gold grew 0.5%, Japan’s Nikkei225 index shrank 0.3%, and Hong Kong’s Hang Seng index gained 0.5%.
The Brent oil price lost 0.159% to U.S. $69.09 per barrel as of 9.04 a.m. Moscow time.
“We expect a neutral start of trade with an insignificant change of the MOEX Russia Index around a 2,245–2,250 range. The levels of 2,240 and 2,220 will become the closest support, while the marks of 2,250 and 2,260 will act as resistance levels,” Manzhos said.
Anton Startsev, a leading analyst at investment company Olma, also said that the RTS index may grow slower as the Brent oil price is very likely to pause after getting close to a psychologically important $70 per barrel mark.
“The direction of trade on the Eastern trading floors may change under the impact from data on retail trade and consumer prices in the U.S., whose release is scheduled for 4.30 p.m. Moscow time,” Startsev said.
Shagov also said that investors will track news conferences of oil major Lukoil, oil pipeline monopoly Transneft, and of the car producers committee of the Association of European Businesses.
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