Russian stocks seen easing at open ahead of long May holidays

MOSCOW, Apr 30 (PRIME) -- The Russian stock market will likely ease at the start of Friday’s trading because of investors' unwillingness to buy before the long May holidays strengthened by the falling oil prices, analysts said.

"We started yesterday with an upward gap again and then began to weaken losing 0.2% at the end of the session. It was clear that there is no strength or desire to grow. This is partially explainable by the approaching May holidays. Although the market will work between them, activity and liquidity will be lower, and many will prefer to take a rest," Alor Broker senior analyst Alexei Antonov said.

The Russian market will be closed on Monday, May 3 for May Day celebrations.

Georgy Vashchenko, head of Freedom Finance’s department for trade operations on the Russian stock market, put the MOEX Russia session range guidance at 3,550–3,600.

According to Antonov, the oil sector is worrying because of its lack of reaction to an earlier oil price increase. Besides, the oil prices fell by 0.8% on Thursday.

The ferrous metals sector has started recovering but the medium-term prospects are unclear until the Federal Antimonopoly Service explains the claims to the top companies and says whether it wants to impose large fines to replenish the budget, Antonov said.

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