Stocks can edge up at opening on oil price, foreign markets rise

MOSCOW, Mar 1 (PRIME) -- The Russian stock market is to firm at opening on Friday on the back of growing prices and foreign markets, but uncertainty surrounding the U.S.–China trade negotiations and the future of anti-Russian sanctions will curb the growth, analysts said.

“A slew of macroeconomic statistics is to be published today in Europe, which can influence dynamics of the market indices to a certain extent. As regards the other things, the day will unlikely bring surprises, the opening will most probably be slightly positive, and a further market trend will be defined by the information emerging during the day,” Alexei Korenev, investment company Finam’s analyst, said.

Vitaly Manzhos, senior risk manager at Algo Capital, said that the U.S. stock market futures are increasing by 0.4–0.6%, the Brent contracts rise by 0.5%, the gold futures lost 0.2%, Japan’s Nikkei225 added 1.1%, the Hang Seng grew 0.2% forming a positive background for the start of the session in Russia.

Mikhail Poddubsky, senior analyst at Promsvyazbank, said that global risk appetite still depends on the prospects of trade agreement signing between the U.S. and China, which are unclear.

Manzhos said that the expectations of tougher sanctions against Russia are the key factor influencing the Russian stocks.

According to Manzhos, the MOEX Russia Index can rise by 0.3% at opening at about 2,490–2,495. The levels of 2,480 and 2,470 will act the closest support, while 2,500 and 2,510 will become the resistance.

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