Russian stocks can fall at opening on ex-dividends gaps of shares

MOSCOW, Jul 8 (PRIME) -- The Russian stock market can open lower on Friday in light of ex-dividend gaps of oil major Rosneft and other shares, and consolidate later in the day, analysts said.

“The picture of the MOEX Russia Index has not changed yet, the outlook is neutral. The quotations stay within the support range of 2,165–2,235, and it is important not to fall below the levels,” Director of BCS Broker’s stock market experts department Vasily Karpunin said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expect the MOEX Russia Index to begin the trading session with a fall of 0.2–1.2% as a number of shares including Rosneft will turn ex-dividend.

The market is likely to consolidate later in the day, he added.

Georgy Vashchenko, head of investment company Freedom Finance’s department for trade operations on the Russian stock market expects the market to grow within 1% during the day within the trading range of 2,220–2,250 for the MOEX Russia Index.

PSB Bank expert Yekaterina Krylova said that the Brent oil price has recovered to U.S. $105 per barrel after previous losses, but its upside is limited with the level of $108–110 per barrel due to threats of global economic recession and a strong U.S. dollar.

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