Russian stocks can edge up thank to positive global background

MOSCOW, Oct 1 (PRIME) -- The Russian stock market may open slightly higher on Thursday thanks to a generally positive foreign background, analysts said.

“The MOEX Russia Index continues its consolidation, forming a descending triangle on the daily timeframe. The curve is approaching the narrow range that can be followed by… an upward breakthrough,” investment company Finam analyst Alexei Kolachyov said.

The external background looks moderately positive ahead of the Russian trade session, he added. The main U.S. indices futures are rising around 0.5%, some of Asian markets are closed for a holiday, and the other are seen in the positive territory, and gold prices are also seen higher.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, said that the MOEX Russia index may open up by around 0.1–0.4%.

Olma senior analyst Anton Startsev said that the RTS index is likely to consolidate near the 1,200 mark during the day.

U.S. congressmen’s comments gave reasons for cautious optimism that new measures to stimulate the economy can be adopted, but investors still have to take into account risks of the further spread of the coronavirus pandemic, Startsev said.

Alor Broker analyst Alexei Antonov said that the shares of domestic ferrous metals and precious metals producers can bounce back thanks to rising prices for the commodities.

In Russia, investors may also be interested in the release of Russia’s Manufacturing PMI report by IHS Markit.

End