Russian stocks seen easing at opening as foreign markets fall

MOSCOW, Mar 17 (PRIME) -- The Russian stock market will likely ease at opening on Wednesday in line with falling foreign markets, analysts said.

"The external background for the local market is negative today. The S&P 500 futures decreased by 0.1% as of 8:20 a.m., Moscow time,” Finam analyst Natalya Pyryeva said. 

“The Asian floors see negative dynamics: the Chinese CSI 300 falls by 0.18%, the Japanese Nikkei 225 by 0.14%, the Hong Kong's Hang Seng has a minus 0.45%, and Korea's KOSPI falls by 0.94%."

Vitaly Manzhos, senior risk manager at investment company Algo Capital, said that a serious decline of February U.S. retail sales exacerbated by a weak industrial output statistics gave an important signal to the market on Tuesday.

The oil price dynamics was neutral with Brent adding 0.01% to U.S. $68.4, and WTI 0.19% to $64.92 as of 8:07 a.m, Moscow time.

According to Manzhos, the MOEX Russia Index would likely open 0.1–0.3% lower and trade in the range of 3,580–3,600. The levels of 3,570 and 3,550 will represent support and 3,620 and 3,640 resistance.

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