Russian stocks seen neutral on rising oil prices, falling US indices

MOSCOW, Mar 11 (PRIME) -- The Russian stock market will likely change marginally on Monday at the start of the session amid the lack of investor interest to emerging markets and a mixed effect of growing oil prices and falling U.S. market indices, analysts said.

“We expect a neutral opening of the MOEX Russia Index with a moderate gap of up to 0.3%, near the level of 2,475. The levels of 2,470 and 2,460 will be the closest support, and the levels of 2,490–2,500 the important resistance,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

According to Manzhos, a positive effect from rising oil prices is neutralized by the sagging U.S. indices at the end of the last week.

Olma senior analyst Anton Startsev said, “The investor interest to developing markets has eased a little lately, judging by the MSCI EM stock market index dynamics. The market participants are waiting for today’s publication of a draft budget by the U.S. president, tomorrow’s voting on a new Brexit version in the U.K. House of Commons, and any news on the progress in trade negotiations between the U.S. and China.”

According to Manzhos, the U.S. retail statistics can influence the Russian market trends later in the day.

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