Russian stocks may decrease as markets fall on US Fed’s statement

MOSCOW, Jun 17 (PRIME) -- The Russian stock market is likely to open lower and consolidate in the negative territory in the first part of the day on Thursday following U.S. benchmarks correcting after a rally, analysts said.

“The external background signals that the Russian stock market is likely to consolidate in the red territory in the first half of the trading session with metals producers, including gold miners, being the worst performers,” Alor Broker analyst Alexei Antonov said.

The U.S. market is correcting downwards from record highs in light of the Federal Reserve’s decision to retain the key interest rate unchanged, he also said, adding that crude prices have not reacted yet and the Brent oil price is seen above U.S. $74 per barrel.

Antonov also said that the market needs correction after a rally to take profits.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to edge down by 0.1–0.5% to 3,810–3,825 at the opening.

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