Russian stocks seen neutral before US Fed meeting, China talks
MOSCOW, Jul 29 (PRIME) -- The Russian stock market can change little at opening on Monday as investors are wary ahead of a meeting of the U.S. Federal Reserve System (Fed) and restart of the U.S.ЦChina trade negotiations, analysts said.
УIn general, we see the current index levels as balanced and we do not rule out continuation of consolidation of the MOEX Russia Index mostly at the lower margin of a 2,700Ц2,750 range before a meeting of the U.S. Fed,Ф Promsvyazbank analyst Mikhail Poddubsky said.
Olma senior analyst Anton Startsev said that the activity on developing markets is subdued ahead of the meeting, news from which will appear on Wednesday evening. Startsev said that the RTS index would likely correct downwards on Monday, following foreign markets.
Vadim Kravchuk, analyst at investment company Solid, said that the external background ahead of the start of the Russian trading session is neutral because the Chinese indices are easing ahead of a restart of trade negotiations with the U.S. on Wednesday. The U.S. stock market closed in the green zone on July 26 on the back of solid corporate reports.
Finam analyst Sergei Drozdov said that the support level for the MOEX Russia Index stands at 2,690 and 2,670. The resistance notch is 2,735 and 2,750. The local support level for the RTS Index stands at 1,350 and 1,338, and resistance at 1,370 and 1,381.