Russian stocks can rise later in day amid uncertain backdrop

MOSCOW, Aug 23 (PRIME) -- The Russian stock market is unlikely to demonstrate certain movement at the beginning of the trading session on Wednesday, but may turn to a rise in the second half of the day amid controversial foreign sentiments, analysts said.

“The MOEX Russia Index can reach 3,200 with (oil company) Lukoil as a locomotive again. Besides, the ruble is again losing its positions, which can support exporters’ shares. We will prefer energy stocks today,” Alexei Golovinov, chief analyst at PSB Bank, said.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich expects a neutral opening of the Russian stock market on Wednesday on the lack of substantial factors, which can move the market to any of the sides in the first hours of trading.

In the second half of the trading session, purchases can prevail, and the MOEX Russia Index may try to make another step to 3,200, which is the nearest resistance mark, he added.

Zvarich sees the current sentiments on the global markets as controversial with the main Asian stock benchmarks losing up to 0.6% except for Japan that is rising by 0.3%, the core U.S. indices futures recovering by 0.3% from the previous losses, and the Brent oil price adding 0.1% to U.S. $84.1 per barrel.

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