Russian stock market may fall at opening on strong ruble
MOSCOW, Nov 30 (PRIME) -- The Russian stock market is likely to decrease at opening on Thursday amid the strong ruble, analysts said.
“The strengthening of the ruble put pressure on many stocks. According to the price pattern on the hourly timeframe, we can say that the upward bounce from 3,150 failed. I expect that the downward correction will intensify and the MOEX Russia will fall to 3,130,” BitRiver financial analyst Vladislav Antonov said.
According to the analyst, the strengthening of the national currency was affected by a combination of several factors.
“First, oil prices have risen, which will increase export revenues to Russia. Second, Russian exporters are selling foreign currency proceeds in accordance with the recently introduced requirements. Third, investors expect a further increase of the key rate to fight inflation,” he said.
The risks of an additional increase in the key rate due to inflationary pressure are increasing, so the rally in OFZ bonds suspended due to the approaching central bank meeting in mid-December, Promsvyazbank analyst Dmitry Gritskevich said.
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