Russian stocks can open higher following previous purchases

MOSCOW, Oct 24 (PRIME) -- The Russian stock market can open significantly higher on Monday thanks to an advance seen on October 21 and amid a mixed foreign background, analysts said.

“We expect the MOEX Russia Index to open the trading session 0.3–1.3% higher within the range of 2,050–2,070… Last Friday’s purchases are creating conditions for the benchmark to open considerably higher, and it can turn to consolidation later in the day,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

He also said that the present foreign background looks uncertain with the main U.S. indices futures rising by around 0.2%, the Brent oil price losing 0.3%, and Asian markets trading mixed.

Alor Broker analyst Alexei Antonov hopes that the crude price is able to stay above the U.S. $90 per barrel mark and reverse upwards.

The market will also be driven by releases of operating results reports by grocery retailer Lenta, metals giant Norilsk Nickel, agricultural producer Rusagro, and power operator TGC-1.

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