Russian stock can show uncertain movement due to lack of ideas

MOSCOW, Dec 5 (PRIME) -- The Russian stock market can demonstrate uncertain dynamics in the morning and idealess consolidation during the day on Monday amid a relatively positive foreign background with rising oil prices, analysts said.

“We expect the Russian stock market to open with insignificant changes or with restrained growth of up to 0.6% to 2,175–2,195 for the MOEX Russia Index,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The morning’s improvement of the external backdrop creates conditions for the benchmark to open higher, but it is likely to continue idealess consolidation later in the day,” he added.

Manzhos said that the foreign environment looks positive with the core U.S. indices futures demonstrating a moderate fall of up to 0.2%, the Brent oil price and gold futures both adding 0.6%, and the Asian markets trading higher.

BitRiver financial analyst Vladislav Antonov believes that the Russian market can open slightly lower and trade within the range of 2,160–2,195 for the MOEX Russia Index and the range of 1,090–1,115 for the RTS index during the day.

PSB Bank senior analyst Yegor Zhilnikov said that the ruble continues to weaken against foreign currencies, but is unlikely to fall below 63.5 rubles per U.S. dollar in the foreseeable future.

End