Russian stocks may correct downwards from previous hike

MOSCOW, Nov 26 (PRIME) -- The Russian stock market may consolidate or slightly correct downwards on Thursday amid lower investors’ activity due to a holiday in the U.S., analysts said.

“The Russian market may correct downwards as it looks overbought. The guidance for the MOEX Russia Index is 3,080–3,160,” Veles Broker analyst Yelena Kozhukhova said.

Olma senior analyst Anton Startsev said that the RTS index may return to consolidation.

The energy market dynamics with the Brent oil futures trading slightly below U.S. $46 per barrel are favorable for the Russian market, but global markets will be less active in light of a day-off in the U.S. due to celebration of Thanksgiving Day, he also said.  

Besides, investors’ optimism may be affected by prolongation of restrictive measures in Germany and rising unemployment in the U.S, he added.

Investors will also follow publication of IFRS financial results for July–September by hydropower giant RusHydro and Bank Saint Petersburg, as well as a dividend decision by oil and gas pipe maker TMK, among other corporate events.

End