MOSCOW, Feb 8 (PRIME) -- Russian stocks are likely to open lower on Thursday as investors will price in Wednesday’s slump of oil prices, analysts said.
“We expect a moderately negative start of the trade in Russia with a 0.5% contraction of the MOEX Russia Index close to 2,245. The levels of 2,240 and 2,230 will remain the closest support, while 2,260 and 2,270 will act as resistance. In the first minutes of trade, the local market will price in a plunge of oil prices of the previous evening,” Vitaly Manzhos, a senior risk manager at investment company Nord Capital, said.
Oleg Shagov, head of investment company Solid’s research department, said that he expects the market to open a fall to 2,245–2,250 points of the MOEX Russia Index, and continue the day around the level reacting to serious events with volatility.
Anton Startsev, a leading analyst at investment company Olma, said that the U.S. stock index futures rose early in the day after the U.S. stocks lost 0.1–0.9% on Wednesday, while the Asian floors showed mixed dynamics.
“A downward correction of the RTS index is possible at the beginning of trade in line with oil prices … Moreover, volatility of the world stock indices has abated over the past day, but it is still higher than a long-term average figure, which means that risks connected to investment, including investment in emerging markets, are high,” Startsev said.
Shagov also said that investors will track the news flow from the investor day of gas giant Gazprom in London, a decision of the Bank of England on its monetary policy, and the release of an economic bulletin of the European Central Bank.
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