MOSCOW, Jul 3 (PRIME) -- The Russian stock market will likely open with small changes on Wednesday as foreign investors are wary of making deals before the U.S. Independence Day, analysts said.
“Consolidation can continue today at the start of trade a little below the level of 1,400 of the RTS index. Traders on the global markets again prefer protective assets (US treasury bonds and precious metals) which might be due to a forthcoming Independence Day… rather than just because of uncertainty about the future of the stock market,” Olma’s senior analyst Anton Startsev said.
Mikhail Poddubsky, senior analyst at Promsvyazbank, said that optimism after a G20 summit has almost faded away, while slowdown of global economic growth remains in focus. Besides, Caixin published the China General Services Business Activity Index, which fell to 52 from 52.7, adding to the negative mood on the markets.
Vitaly Manzhos, senior risk manager at Algo Capital, said that oil prices fell but corrected upwards by 0.3% on Wednesday morning, which makes the background for the start of the Russian trading session neutral.
He said that the MOEX Russia Index can fluctuate 0.1–0.3% at opening close to 2,810. The nearest support levels are 2,000 and 2,790, and the resistance ones 2,820 and 2,830.
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