Russian stocks can consolidate amid global investors’ carefulness

MOSCOW, Mar 22 (PRIME) -- The Russian stock market can be supported by improvement of the situation on the energy market on Wednesday, but is unlikely to move upwards significantly any soon and may correct down if there are no strong drivers, analysts said.

“Generally, there are yet no reasons for further growth to over 2,400 for the MOEX Russia Index. If they do not appear, the market will continue to correct downwards dragged by its own heaviness,” Alor Broker analyst Alexei Antonov said.

Antonov said that the Brent oil price has lost 0.6%, but is still consolidating above U.S. $75 per barrel. Improvement of the situation on the oil market can support energy shares of Russian companies during the day.

Global investors are careful ahead of the U.S. Federal Reserve’s key rate decision and comments on the future of the financial market, he added.

PSB Bank senior analyst Yegor Zhilnikov said that the ruble rate is likely to be trading within the range of 76–77 rubles per U.S. dollar on Wednesday and can strengthen to 74–76 rubles per U.S. dollar later in the week.

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