Russian stocks likely to consolidate pressured by mixed signals

MOSCOW, Jan 24 (PRIME) -- The Russian stock market may open flat and trade mixed during the day on Wednesday due to technical reasons and uncertainty on the energe market, analysts said.

“(There are factors on the Russian stock market), which may trigger a reverse trend or at least consolidation at lower levels. Technical signals give impetus to a bear movement. However, the external background acts for the benefit of buyers, who may push the MOEX Russia Index to over 2,305 in the first hour of trading,” Alpari senior analyst Anna Bodrova said.

The expert expects mixed trading on the market during the day.

Oleg Shagov, head of investment company Solid’s research department, said that the global environment is neutral with the world’s major benchmarks trading mixed and the Brent oil price fluctuating at around $69.8 per barrel pressured by the recent statistics of the American Petroleum Institute (API), demonstrating a rise in the U.S. oil inventories.

He also said that the MOEX Russia Index is likely to open flat.

Olma senior analyst Anton Startsev said that correction and consolidation look like a possible short-term scenario for the RTS index, too.

Russian traders will follow operating results for October-December and 2017 released by precious metals producer Polymetal International, and news from the World Economic Forum continuing in Switzerland’s Davos.

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