MOSCOW, Nov 1 (PRIME) -- The Russian stock market is likely to start the Tuesday trade with an increase supported by higher oil prices and a relatively calm news, analysts said.
“We expect growth of up to 1.5%. The news flow is calm. The MOEX Russia Index guidance is 2,180–2,210. The market players may start taking their profits in the long positions if the index climbs above 2,200, while currently they will most likely to start closing short positions,” Georgy Vashchenko, deputy director of Freedom Finance Global’s research department, said.
Head of Alor Broker’s investment consulting department Alexei Antonov said that the oil price gained about 1%, which should support the shares of oil companies and they in turn should support the MOEX Russia Index.
Algo Capital senior risk manager Vitaly Manzhos said that the background for the Russian market was positive. Apart from an increase of the Brent oil price, the futures for the U.S. stock indices gained around 0.4–0.6%, the futures for the gold increased by 0.2%, the Chinese index Shanghai Composite added 1.4%, and the Japanese index Nikkei225 rose by 0.3%.
“We expect trading in Russia to start with a 0.2–1.0% increase of the MOEX Russia Index in the range of 2,170–2,190. The levels of 2,160 and 2,150 will act as the closest support, while 2,200 and 2,220 will become the resistance,” Manzhos said.
In the second half of the day, only the important external political or corporate news could have an impact on trade as no important external economic data is to be released, he said.
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