Russian stocks can edge up thanks to improving foreign sentiments

MOSCOW, Nov 7 (PRIME) -- The Russian stock market can rise at the opening and in the first half of the day on Monday thanks to an improving global background and higher appetites for risk, analysts said.

“We expects rising purchases of Russian stocks. The local market will be supported by improving sentiments on external bourses and increasing demand for risky assets… so the MOEX Russia Index can recover from November 4’s losses and make another step to the closest resistance line of 2,200,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

BitRiver financial analyst Vladislav Antonov said that the Russian market can rise in the first half of the day following a crude rally that took place during the lengthy weekend and that the MOEX Russia Index’s target zone for Monday is seen at 2,175–2,200.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open with changes of up to 1% within the range of 2,135–2,175 and to consolidate later in the day.

He added that the main U.S. indices futures have decreased by around 0.2%, the Brent oil price has lost 0.9% and the Asian markets are trading mixed in the morning.

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