Russian stocks can demonstrate recovery on mixed foreign backdrop

MOSCOW, Dec 21 (PRIME) -- The Russian stock market can recover after previous losses on Wednesday amid a mixed foreign background with strengthening energy prices, analysts said.

“We expect Russian shares to demonstrate correction recovery, and the buyers will be supported by a stable situation on the energy market. As a result, the MOEX Russia Index can consolidate within the range of 2,100–2,150 and try to reach its upper bracket,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

He added that the global sentiments can be characterized as contradictory. The main Asian markets are losing up to 0.7%, the core U.S. indices futures are growing by around 0.5%, and the nearest Brent oil futures are seen flat at U.S. $80 per barrel.

PSB Bank senior analyst Yegor Zhilnikov said that the U.S. dollar is again demonstrating growth to above 70 rubles per U.S. dollar rising for the eighth day in a row, and he expects the currency to trade within the range of 69–71 rubles per U.S. dollar during the day.

BitRiver financial analyst Vladislav Antonov said that the foreign currency market is pressured by decreasing energy income and a worsening foreign trade balance.

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