Russian stocks likely to edge down at opening amid dull trading

MOSCOW, Nov 23 (PRIME) -- The Russian stock market may edge down at the opening on Friday amid low global investor activity, analysts said.

“I expect consolidation (on the Russian stock market) as there is no significant news in the focus. The MOEX Russia index is to trade within a 2,350–2,380 range,” Grigory Vashchenko, director of the Russian stocks operations department at investment company Freedom Finance, said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the index to edge down around 0.5% to 2,355–2,360 at the opening.

Finam analyst Sergei Drozdov sees the local support of the RTS benchmarks at 1,125 and 1,110, and the resistance at 1,140.

Promsvyazbank analyst Mikhail Poddubsky said that there is low investor activity on the global market in the second part of the week due to Thanksgiving Day celebrated in the U.S. on Thursday and a short trading session there on Friday.

He added that investors are increasingly interested in the upcoming trade negotiations between U.S. President Donald Trump and China’s President Xi Jinping at the G20 summit next week.

Investors will also follow the decisions on dividends for July–September of metallurgic giant Severstal’s shareholders and on the development strategy until 2030 of oil company Gazprom Neft.

End