Russian stocks to fall on sharp deterioration of foreign background

MOSCOW, Oct 2 (PRIME) -- Russian stocks may drop at the opening on Friday amid a sharp worsening of the foreign background, analysts said.

“We expect the MOEX Russia Index to open with a strong gap down within 1.4–2.5%, in the range of 2,820–2,850 points. The nearest support levels will be 2,810 and 2,800 points. The main resistance will be 2,860 and 2,870 points,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The U.S. stock index futures are significantly falling within 1.8–2.1%, Brent oil futures lost 2.5%, Japan’s Nikkei225 fell 0.9%, while markets in China, Hong Kong, and South Korea are closed for national holidays.

Olma senior analyst Anton Startsev said, “A downward correction on the RTS index is possible at the start of trading today. The news that the U.S. president and his wife received positive COVID-19 test results this morning triggered a nervous reaction on the markets, which included a decline in S&P 500 stock index futures, a strengthening of the U.S. dollar against a basket of currencies and a downward correction in oil futures.”

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