Russian stocks seen neutral on mixed US mkt trends

MOSCOW, Jul 31 (PRIME) -- The Russian stock market will likely open with marginal changes on Friday on the back of mixed trends on the U.S. stock market and an upward correction of oil prices in the morning after a Thursday's dip, analysts said.

"Consolidation in the range of 1,200–1,280 of the RTS index is still a valid scenario," Olma senior analyst Anton Startsev said.

The Brent oil price decreased 0.85% to U.S. $43.31 on Thursday. Sergei Drozdov, analyst at investment company Finam, said that the price was pressurized by a report about the U.S. gross domestic product (GDP) falling at a record rate since the Great Depression in April–June and by a report about a record pace of COVID-19 cases growth.

On Friday in the morning, Brent corrected upwards by 0.37% as of 9:16 a.m., Moscow time.

The U.S. stock market closed mixed on Thursday as a negative effect of the GDP fall and a statement by President Donald Trump about the postponement of presidential elections was offset by solid financial figures in reports of Amazon, Apple, Alphabet and Facebook.

Drozdov put the MOEX Russia Index support level at 2,870 and 2,850, resistance at 2,920. The RTS local support level was set at 1,228 and 1,210 and resistance at 1,250 and 1,270. 

End