Russian stocks may correct downwards as markets calm down

MOSCOW, Nov 10 (PRIME) -- The Russian stock market may open slightly lower on Tuesday to correct from a too emotional reaction to successful tests of BioNTech and Pfizer’s coronavirus vaccine, analysts said.

“The U.S. indices futures have lost around 0.5% before the Russian market’s opening thanks to (investors’ fading optimism) so the domestic market may open with a marginal fall,” Alor Broker analyst Alexei Antonov said.

Senior analyst at Promsvyazbank Bogdan Zvarich sees the external environment as modestly negative with the Brent oil futures correcting down to around U.S. $42 per barrel.

Olma senior analyst Anton Startsev said that the RTS index’s upward dynamics may pause as the first reaction to successful tests of the coronavirus vaccine developed by BioNTech and Pfizer was way too emotional.

Russian traders will also follow releases of financial results for July–September by diamond mining giant ALROSA and power producer Unipro, as well as operating results for October by meat producer Cherkizovo Group.

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