Russian stocks may rise on promising tests of coronavirus vaccine

MOSCOW, Jul 2 (PRIME) – The Russian stocks may grow on Thursday morning as a report by Pfizer and BioNTech about successful clinical tests of a coronavirus vaccine improved the market mood, analysts said.

“The RTS Index may grow at the beginning of the day today as the report of Pfizer and BioNTech about successful tests of a vaccine they are developing jointly triggered a favorable reaction of the global stock floors,” investment company Olma’s senior analyst Anton Startsev said.

The futures for the U.S. stock indices are in the green zone, and the Asian floors show positive dynamics in the morning, which supports the Russian market, Startsev said.

“At the same time, several U.S. states suspended lifting of social restrictions as the amount of new COVID-19 cases grew with the number of daily new infections in the whole country was at all time high on Wednesday,” he added.

Bodgan Zvarich, senior analyst at Promsvyazbank, said that the background for the Russian market was moderately positive in spite of the risks represented by new cases of the coronavirus and the U.S.–China relations.

“The major Asian floors grow by up to 1.5%, the futures for the main U.S. indices grow by 0.1%. The energy market has stabilized at U.S. $42 per barrel of the closest futures contract for the Brent oil blend,” Zvarich said.

“This background allows us to expect a slight growth of the Russian stock market. It should help the MOEX Russia Index to make an attempt to return to a range of 2,750–2,800.”

During the day, investors will focus on the U.S. labor market data, including jobless claims, new jobs in non-agricultural industries, and unemployment. If the data turns out to be weak, sales may prevail in the second half of the day, bringing the MOEX Russia Index to the Tuesday’s closing, Zvarich added.

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