Russian stocks seen opening flat on mixed background
MOSCOW, Mar 14 (PRIME) -- Russian stocks are likely to open neutrally on Thursday as the background provides mixed signals for local players, analysts said.
“The external background may be characterized as mixed prior to the start of trade in Russia. This creates conditions for a neutral opening of the local stock market,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.
The U.S. stock index futures fell by up to 0.2%, the Brent oil futures gained 0.3%, gold futures lost 0.4%, but Japan’s Nikkei225 demonstrates flat dynamics, while Hong Kong’s Hang Seng eased by 0.1%, Manzhos said.
“We expect the MOEX Russia Index to open with an insignificant change within 0.3% close to 2,470. The levels of 2,460 and 2,450 will act as the closest support, while the levels of 2,480 and 2,490 will become the resistance,” he said.
Olma senior analyst Anton Startsev said that technical analysis indicates that the RTS Index may move up to 1,200, but provides no definite conclusion that the consolidation period is over.
The market may rise somewhat at the beginning of the day supported by international news -- the U.S. economy showed signs of industrial recovery with a moderate inflation of producer prices, while the British parliament rejected the idea of uncontrollable Brexit, which may now be delayed or even another referendum may be launched, Startsev said.
Georgy Vashchenko, head of investment company Freedom Finance’s department for operation at the Russian stock market, said that local investors will focus on the release of a financial report by hydropower giant RusHydro for 2018 calculated under International Financial Reporting Standards.
End