Russian stocks to fall on moderately negative foreign background

MOSCOW, Feb 7 (PRIME) -- Russian stocks are projected to decrease at the opening on Thursday amid a moderately negative foreign background and falling oil prices, analysts said.

“We expect the MOEX Russia Index to open with a significant decline of around 0.2–0.4%, in the range of 2,530–2,535 points. Significant support levels will be 2,520 and 2,510 points. The nearest resistance will be at 2,540 and 2,550 points,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Before the start of trading in Russia, the U.S. stock index futures are demonstrating a moderate decline within 0.3%, Brent oil futures lost 0.3%, Japan’s Nikkei225 edged down 0.8%, and markets of China and Hong Kong are again closed for holidays.

Olma senior analyst Anton Startsev said, “Some deterioration of the foreign background may negatively affect dynamics of the RTS Index at the start of trading, but technical analysis data still point to the possibility of a noticeable upward movement if the index is confirmed above 1,200 points.”

Novolipetsk Steel (NLMK), Magnitogorsk Iron and Steel Works (MMK), and retailer Magnit are to release their financial results for 2018 on Thursday, Startsev said.

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