Russian stocks consolidate slightly higher on global wariness
MOSCOW, Jul 29 (PRIME) -- The Russian stock market consolidated through the day on Monday to close moderately higher amid global uncertainty ahead of the U.S. Federal Reserve’s key rate decision and trade negotiations between U.S. and China, analysts said.
The MOEX Russia Index grew 0.46% to 2,728.27 and the RTS rose 0.39% to 1,353.61.
“The Russian stock market started the week with a slight growth thanks to a moderately positive external background. Local stocks were backed by the energy market with the Brent oil price consolidating above U.S. $63 per barrel… and the dynamics of the Western stock exchanges,” senior analyst at Promsvyazbank Bogdan Zvarich said.
The MOEX Russia Index again failed to break above the 2,730 resistance line as global investors are waiting for the key rate decision of the U.S. Federal Reserve which is to be announced late on Wednesday, he added.
BCS Broker expert Dmitry Babin said that global markets are additionally nervous ahead of the upcoming trade negotiations between the U.S. and China which will begin on Tuesday.
Internet company Yandex was among the biggest losers falling 3.13% to 2,441 rubles on the news that the State Duma, parliament’s lower chamber, received a bill limiting foreign ownership in Russian IT firms to 20% of voting shares.
Below are the MOEX Russia Index’s five most active stocks on Monday:
|Company||Change, %||Last price, rbl||Trading volume, bln rbl|
(63.1271 rubles – U.S. $1)