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Stocks to fall as new pandemic fears push oil, US futures down

MOSCOW, Jun 29 (PRIME) -- The Russian stock market will likely edge down at opening on Monday because fears of a new COVID pandemic hurt both the U.S. stock market futures, and the oil prices, analysts said.

"The possibility of downward correction of the RTS index is not ruled out today at the start of trade due to the pressure of external factors. Investor risk appetite will most certainly be restricted for some time due to the high uncertainty about the recovery of business and consumer activities after the decline caused by the pandemic," Olma senior analyst Anton Startsev said.

Sergei Drozdov, analyst at investment company Finam, said that the U.S. stock market indices closed lower on fears of a second wave of coronavirus and a decision by the U.S. Federal Reserve System (Fed) to restrict dividend payment and forbid purchase of own shares for 33 leading banks after stress tests showed a risk to lose U.S. $700 billion on loans.

Brent decreased by 0.93% to $40.80 on the pandemic fears on June 26, he said. "After pricing in all positive news connected with the agreement of OPEC plus states to reduce production, the oil prices have grown increasingly dependent on the situation on global financial markets and the dynamics of the American stock exchange indices will be the main guidance for the Brent futures," Drozdov said.

Drozdov put the MOEX Russia Index support level at 2,740 and 2,720 and resistance at 2,780 and 2,800. The local RTS support levels are 1,210 and 1,190, resistance is 1,259.

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29.06.2020 09:34
 
 
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