Russian stocks likely to consolidate amid neutral environment

MOSCOW, May 19 (PRIME) -- The Russian stock market can continue consolidation amid a lack of strong signals on Friday, analysts said.

“We expect the MOEX Russia Index to continue its movement within the range of 2,620–2,660. Demand for shares should be segmented,” Alexei Golovinov, chief analyst at PSB Bank, said.

Golovinov expects heavy demand for real estate developer LSR following the recent dividend recommendation. Multi-industry holding Sistema can demonstrate positive dynamics on online retailer Ozon’s plans to double the turnover in 2023.

Gold producers can be pressured by the declining gold price, he added.

BitRiver financial analyst Vladislav Antonov expects correction of the MOEX Russia Index to 2,400 until the beginning of June as the dividend season is almost over and investors are taking profit.

The Brent oil price continues consolidation within the range of U.S. $74–77.5 per barrel, and is presently seen at $76.4, he added.

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