Russian stocks can open neutrally amid mixed background

MOSCOW, Oct 6 (PRIME) -- The Russian stock market can open with modest changes and consolidate later in the day on Wednesday thanks to a vague external background, analysts said.

“We expect the MOEX Russia Index to open with moderate changes of up to 0.1–0.3%, within the 4,210–4,240 range… the benchmark is likely to consolidate later in the day amid an uncertain external environment. The previous steep advance of the index can have no continuation on Wednesday,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The main U.S. stock indices futures are demonstrating a significant decline of 0.3–0.6%, the Brent oil price has inflated by 0.2%, gold has lost 0.4%, and Asian markets are seen lower, he added.

Director of BCS Broker’s stock market experts department Vasily Karpunin said that the Russian market can be seen as locally overbought, but high prices for oil and gas provide a fundamental background for the current levels so local stocks do no look expensive and there are no reasons for correction without deflation of prices for energy commodities.

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