Russian stocks can rise at opening, further movement uncertain

MOSCOW, Nov 23 (PRIME) -- The Russian stock market can rise at the opening on Wednesday, and the way it leaves the 2,160–2,250 range can determine its further direction, analysts said.

“On Tuesday, the MOEX Russia Index rose by 1.4% to 2,200. Today, the benchmark can again test the mark, which looks like a technical resistance line. But in the second half of the day, sales can prevail, and the MOEX Russia Index can turn to sliding,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

If the Russian market begins to fall, it can correct downwards to the area of 2,050–2,100. If it manages to consolidate above 2,200, a scenario of growth to 2,300–2,350 can appear, Zvarich added.

The external background can be characterized as positive, he also said. The major Asian bourses are adding up to 0.6%, the core U.S. indices futures are consolidated near the level of their previous closing, and the nearest Brent crude futures are trading 0.2% lower at U.S. $88.2 per barrel.

BitRiver financial analyst Vladislav Antonov sees the MOEX Russia Index’s possible range at 2,160–2,250. The way the benchmark leaves the range will determine the direction for the next few days, he said.

Investors will also follow publication of IFRS financial results for July–September by banking group TCS Group among other corporate events.

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