MOSCOW, May 4 (PRIME) -- The stock market will edge down at opening on Wednesday after long May Day holidays, because foreign markets and oil prices have fallen since the last trading day in Russia on Friday, analysts said.
“Taking into account the current oil price levels, a negative foreign background and a fast depreciation of Russian companies’ depositary receipts on Western markets, the MICEX can see an up to 1–2% downward gap,” Finam analyst Timur Nigmatullin said.
The U.S. dollar-based RTS will likely fall faster than the MICEX reflecting a downward trend at foreign trading floors, Anton Startsev, a leading analyst at investment company Olma, said.
Brent futures are trading close to U.S. $45in the morning.
Vitaly Manzhos, senior analyst at Bank Obrazovanie, said that U.S. stocks futures slumped compared with the last Friday’s levels, which will also cause a downbeat mood in Russia.
Startsev said that the U.S. statistics including the ADP labor market data, the ISM non-manufacturing activity index and oil reserves, and also the euro zone retail market data, will influence the Russian market trends later in the day.
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