Russian stocks may correct down due to negative background

MOSCOW, Apr 28 (PRIME) -- The Russian stock market is unlikely to demonstrate growth on Tuesday due to discouraging external environment including strong pressure of falling crude futures, analysts said.

“Today, the external environment does not encourage growth (in Russian stocks). Asian bourses started the day with a fall, and the U.S. S&P500 benchmark futures are seen in the negative territory. It is difficult to expect the MOEX Russia Index to rise in such conditions,” Director of BCS Broker’s stock market experts department Vasily Karpunin said.

The Brent oil will be under pressure until the end of April, when it is to shift to the July contract, and is presently seen 4.5% lower, he added.

Olma senior analyst Anton Startsev also said that the RTS index is likely to correct downwards due to the unstable environment on the crude market that will pressure the Russian blue chips.

The market will also be driven by releases of operating results for January–March by electronic goods retailer M.Video and of financial results for the same period by power company Enel Russia.

End