Russia stocks to change moderately on sanctions risks, lack of news

MOSCOW, Jun 7 (PRIME) -- The Russian stock market is likely to open with moderate changes and spend the day under pressure amid sanctions risks, nervousness on the global markets on the possibility of the Fed toughening the monetary policy later in the month and the lack of corporate and macroeconomic news, Algo Capital senior risk manager Vitaly Manzhos said.

“The Russian market may try and rebound today. The relevant range for the MOEX Russia Index is 2,300–2,350 points,” Promsvyazbank senior analyst Vladimir Solovyev said.

The global markets are likely to spend the day under pressure amid expectations that the Federal Reserve (Fed) will toughen the monetary policy at a meeting next week, Solovyev said.

The Tuesday will lack corporate news and macroeconomic statistics, while the sanctions risks will continue affect the Russian stock market negatively, he added.

The foreign background is moderately positive prior to the start of the Russian session, Management company Alfa-Capital’s senior trader Vladislav Silayev said. The Asian bourses are focused on purchases and the futures on the S&P 500 index is decreasing on the premarket. The Brent is consolidating around U.S. $120 per barrel.

“Investors will pay attention to the nuances of the E.U.’s sixth package of sanctions against Russia and aspects of further restrictions’ development,” Silayev said.

End