Russian stocks seen neutral on growing oil prices, US duties risk

MOSCOW, May 24 (PRIME) -- The Russian stock market will likely open with marginal changes on Friday as the effect of an upward correction of oil futures will be balanced by concerns of new U.S. duties for Russian goods, analysts said.

“A neutral external background is being formed today before the opening of the Russian market. Yesterday saw a significant decrease of global and commodities markets but the situation somewhat stabilized during the Asian trading sessions, in particular, oil prices are correcting,” Vadim Kravchuk, analyst at investment company Solid, said.

Kravchuk said that investors are paying attention to statements by the U.S. Commerce Department that additional duties can be introduced for countries allegedly manipulating the exchange rates of their national currencies, and Russia is on the list.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, said that U.S. stock market futures are growing by 0.3–0.5% on Friday in the morning, Brent is erasing losses, rising by 1.2%, gold futures lost 0.2%. Shanghai Composite grew 0.1%, Japan’s Nikkei225 lost 0.3%.

As a result, he expects the MOEX Russia Index to rise by 0.2–0.3% opening at about 2,625. The levels of 2,610 and 2,600 are expected to be the support ones and the levels of 2,640–2,650 the resistance ones.

Publication of the U.S. durable goods orders statistics can influence the global market trends to a certain extent in the evening, Manzhos said.

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