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Russian market appeared to be resistant to the collapse of the Chinese Stock Exchange

Asia
03.02.2020
164
Russian market appeared to be resistant to the collapse of the Chinese Stock Exchange

The Chinese stock market couldn’t stand the return of investors from the New Year holidays; Russian investors didn’t panic and decided to pull overtime. The Moscow Exchange indices lost 0.1% at the opening of trading, while the RTS indices fell 0.13%. A few minutes later, both indices recovered their positions, gaining 0.2%. Stock markets are always volatile at the start of the day.

The Russian ruble lost 14 kopecks against the dollar and 5 kopecks against the euro.

Tatiana Evdokimova, an expert from Nordea Bank, said that other markets had already experienced what happened on the Asian stock exchanges and restored their positions. She also clarified that the longer the quarantine lasts, the more serious the consequences will be for both Chinese market and global one.

Alexander Bakhtin, investment strategist at BCS Premier, said that market indicators are unlikely to grow in the coming days. According to him, a significant part of Russian companies is in the red zone, but the presence of Sberbank shares on the Moscow Exchange contributes to the growth of the index. Among others, securities of Polymetal and Polyus are becoming more expensive. Bakhtin claims that the main factors affecting the market are the price of oil and the introduction of quarantine. Investors may overestimate risks, so they prefer to bide their time.

The expert also clarified that oil will not continue to decline, as it has been trading at its lowest levels for a long time. The cost of the Brent brand is $56.2 per barrel, WTI – $51.45. OPEC officials announced that they will soon take measures to support the cost of raw materials.

Andrey Kochetkov, an analyst at Otkritie Broker, said that many investors have stopped worrying about coronavirus. They see statistics and understand that the number of recovered increases along with the number of infected. He noted that anxiety in the market is gradually decreasing. According to Kochetkov, the markets may decline, but the fall will not be more extensive.

Author:Елена

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