Russian stocks to open higher amid moderately positive background
MOSCOW, Oct 4 (PRIME) -- Russian stocks may open with growth on Friday amid a moderately positive foreign background, analysts said.
“We expect the MOEX Russia Index to open with a moderate increase of around 0.3%, near the level of 2,715 points. The nearest support levels will be 2,700 and 2,690 points. The main resistance will be at 3,730 and 2,740 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 increase of 0.1–0.2%, Brent oil futures added 0.6%, Japan’s Nikkei225 rose 0.3%, and the Chinese stock market remains closed for a national holiday, the analyst said.
Olma senior analyst Anton Startsev said that downward correction on the RTS Index may be suspended at the start of trading. “Fears associated with a slowdown in global economic growth, which had previously become a factor in reducing demand on stock markets as a whole, are partly offset by expectations of a softening of the U.S. Federal Reserve’s (Fed) monetary policy. In the second half of the day, investor estimates may be affected by labor market data and (Fed Chairman) Jerome Powell’s speech,” the analyst said.
Otkritie Broker analyst Andrei Kochetkov expects the Russian market to start trading neutrally with a relatively stable ruble. “The foreign background is neutral before the start of trading in Russia. Markets are not yet ready to adhere to a certain path before the publication of the key U.S. statistics,” he said.
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