Day off on global exchanges to make Russian stocks consolidate

MOSCOW, Jun 9 (PRIME) -- The Russian stock market may open mixed and consolidate during the day in thin trading thanks to a day off on the stock exchanges worldwide, analysts said on Saturday.

“We do not expect any significant motion on the market today as it is a day off abroad. We will see a decline in non-resident operations and a thin information flow. It may be enhanced by news from the G7 Summit held now,” Olma senior analyst Anton Startsev said.

He also said that the G7 leaders are far from agreement on the key issues including the issue of mutual trade barriers.

Vitaly Manzhos, senior risk manager at investment company Nord Capital, said that the MOEX Russia Index may edge up slightly at opening to around 2,270–2,275, then reach 2,290 and consolidate around the mark in thin trading.

Startsev added that the technical analysis points to the possibility of a downward trend of the RTS index after consolidation below a 1,150–1,170 range.

Russian investors will also track news from a summit of the Shanghai Cooperation Organization comprising Russia, China, Kazakhstan, Tajikistan, Kyrgyzstan and Uzbekistan, which is currently held in China.

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