Russian stocks may correct down from previous advance

MOSCOW, Oct 17 (PRIME) -- The Russian stock market may consolidate or correct down on Thursday after a material advance seen on Wednesday due to a lack of support from the global background, analysts said.

“The Russian stock market is likely to edge down insignificantly, which looks natural after a considerable previous day’s growth… The key global indices are seen slightly lower and demonstrate minimal volatility,” Alexei Korenev, investment company Finam’s analyst, said.

Promsvyazbank senior analyst Mikhail Poddubsky said that the external background does not support optimism on the domestic market. The MOEX Russia index may consolidate within a 2,730–2,750 range during the day.

Olma senior analyst Anton Startsev said that the upwards dynamics of the RTS index may stop near a 1,350 mark.

The local market will also be driven by releases of operating results reports for January–September by diamond miner ALROSA, grocery retailer X5 Retail Group, gadgets and household appliance retailer M.Video, and Petropavlovsk Plc, which operates gold deposits in Russia.

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