Stocks to open flat as oil price neutralizes bad environment
MOSCOW, Aug 22 (PRIME) -- Russian stocks are likely to open in a neutral way on Wednesday as high oil prices should compensate the negative impact coming from the external background, analysts said.
УFrom the point of view of technical analysts, the consolidation figure for the RTS Index with the lower range close to 1,050 is still present, and we see no drivers that may end consolidation,Ф Anton Startsev, a senior analyst at investment company Olma, said.
Demand at foreign floors may experience a short-term pressure due to political uncertainty in the U.S. after former presidential lawyer Michael Cohen plead guilty of violation of federal laws on orders from U.S. President Donald Trump, and former TrumpТs campaign chairman Paul Manafort was found guilty of bank and tax fraud, he said.
УAt the same time, the negative impact of the external background will be partially compensated by relatively favorable dynamics of oil prices,Ф Startsev said.
Mikhail Poddubsky, a senior analyst at Promsvyazbank, said that Russian stocks received mixed signals early in the day. УOn the one hand, the situation in Turkey has temporarily stabilized, the U.S. and China will have a new round of negotiationsЕand the U.S. indices are consolidating around their historic highs,Ф he said. УOn the other hand, new risks may emerge very soon.Ф
Poddubsky quoted a slight increase of political risks due to the unsolved trade disputes of the U.S. with China and the E.U.
УWe think that the MOEX Russia Index may test the upper mark of the 2,250Ц2,300 range today. The currency rates and commodities support shares of commodity companies,Ф Poddubsky said.