MOSCOW, Oct 12 (PRIME) -- The Russian stock market can try to rise at the opening on Wednesday thanks to growth of the U.S. benchmarks, may follow the dynamics of crude prices during the day, and consolidation is not excluded, analysts said.
“The MOEX Russia Index is likely to demonstrate consolidation due to a lack of drivers for further movement,” Alor Broker analyst Alexei Antonov said.
He added that a rise in oil prices can trigger growth in Russia’s energy securities although the Brent crude price is seen neutral at U.S. $94 per barrel in the morning.
The ruble is correcting downwards for the ninth trading session in a row as the currency is highly overbought, Antonov added.
Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open by around 0.3–1% higher within the range of 1,965–1,980 and to continue growing to the 2,000 mark during the day.
Manzhos sees the external background as moderately positive as the core U.S. indices futures are adding 0.5–0.9%.
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