Russian stocks seen flat as foreign markets, oil show no clear trend
MOSCOW, Sep 27 (PRIME) -- The Russian stock market will likely open with marginal changes on Friday, as foreign markets and the oil price were neutral at the start of the day on the back of mixed signals, analysts said.
УContinuation of the consolidation is possible in the short term in a possible range of 1,340Ц1,400 of the RTS index. A volatility on Western trade floors remains quite high, reflecting political and economic risks,Ф OlmaТs senior analyst Anton Startsev said.
Vadim Kravchuk, analyst at investment company Solid, said that he sees the external background as a neutral one. Asian markets and oil were demonstrating a weak dynamics at the start of the day, and the U.S. indices were almost flat for several days as some investors worry over a possible impeachment of President Donald Trump but the other ones are optimistic over the beginning of another round of U.S.ЦChina negotiations on October 10, earlier than planned.
The U.S. and China continue to exchange signals of the readiness for mutual easing of the conditions. China said yesterday that local companies were ready to purchase a significant amount of agricultural goods from the U.S., the duties were repealed for a part of the goods earlier, and investors hope for a positive outcome of the negotiations as well as during the last round, Kravchuk said.
He said that the Brent oil blend is holding on the level of U.S. $62 per barrel, but there are no reasons for growth. Saudi Arabia reported a full recovery of oil output.
Finam analyst Sergei Drozdov said that the support level for the MOEX Russia Index stands at 2,740 and 2,720. The resistance notch is 2,780. The local support level for the RTS index stands at 1,330 and 1,316, and resistance at 1,351 and 1,370.