Russia stocks may correct down on modestly negative external mood

MOSCOW, Nov 20 (PRIME) -- The Russian stock market is likely to open flat or slightly down on Monday amid rising political uncertainty in Europe and a moderately negative global environment, analysts said.

“We expect the Russian stock market to open within a 2,130-2,135 range of the MICEX index and to make attempts to break the current consolidation band,” Oleg Shagov, head of investment company Solid’s research department, said.

Olma senior analyst Anton Startsev said that the RTS index may correct down at opening pressured by the external background, including political uncertainty in Germany, where Chancellor Angela Merkel has failed to form a coalition government, which may necessitate new parliamentary elections.

Shagov said that the major U.S. benchmarks futures and Asian indices are trading slightly lower. The European market is also likely to open down.

Investors in Russia will follow publication of Tinkoff Bank’s IFRS financial results for July–September among other corporate events.

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