Russian stocks may correct downwards amid worsened background

MOSCOW, Dec 17 (PRIME) -- The Russian stock market may be pressured by a worsened external background and profit-taking ahead of the weekend to correct downwards on Friday, analysts said.

“We expects that the Russian stock market will be under pressure due to a worsened external background and possible profit-taking in some securities ahead of the weekend… The MOEX Russia Index may correct to 3,700,” head of PSB Bank’s analysis group Vladimir Solovyov said.

The foreign environment looks slightly negative with the main U.S. and European indices futures and Asian markets trading modestly lower and the Brent oil price losing around 1%, he said.

He added that the upcoming meeting of the central bank’s board of directors to discuss the monetary policy can influence that market.

Georgy Vashchenko, head of investment company Freedom Finance’s department for trade operations on the Russian stock market said that the central bank is likely to raise the key interest rate by 1 percentage point to 8.5% annually.

Solovyov also said that the dynamics of gas giant Gazprom’s stocks can support the local market in light of the present gas prices rally.

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