MOSCOW, Mar 27 (PRIME) -- The Russian stock market is likely to open lower on Monday amid a moderately negative global environment, analysts said.
“We expect the MICEX to open in a 2,035-2,040 range today and assume the index may continue sliding, if the external background keeps deteriorating,” Oleg Shagov, head of investment company Solid’s research department, said.
The Brent oil price is under pressure on the back of a tenth consecutive report demonstrating wider oil drilling in the U.S, he added.
“We can see further correction from the previous rise. The quotations may advance due to a meeting between First Deputy Prime Minister Igor Shuvalov and state-run companies devoted to dividend payments, and a rise in oil prices,” Andrei Vernikov, deputy CEO for investment analysis of Zerich Capital Management, said.
Finam analyst Bogdan Zvarich said the hydrocarbon market demonstrates a negative trend due to investor disappointment with the decision of a committee of OPEC and non-OPEC nations responsible for monitoring compliance with a global agreement to reduce output to recommend prolongation of the agreement for another six months.
The major U.S. indices futures and the Asian benchmarks are in the red territory. The European pre-market trading points to a lower start of trade on expectations that Britain’s Prime Minister Theresa May will trigger article 50 of the Lisbon Treaty that will initiate Brexit process later this week.
The Russian market will also be driven by releases of 2016 IFRS financial reports by grocery retailer X5 Retail Group, fertilizer producer PhosAgro and Moscow Exchange and Sibur’s decisions to pay dividends for 2016.
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