Russian stocks may edge down at opening on lack of optimism

MOSCOW, Oct 10 (PRIME) -- The Russian stock market may consolidate or edge down on Wednesday amid a neutral external background and a lack of optimism, analysts said.

“A pause is seen on the Russian stock market… The MOEX Russia Index’s target range remains at 2,440–2,465. The external environment looks moderate, and investors are likely to continue dull sales of local stocks unless any reasons for optimism emerge in the morning,” Alpari senior analyst Anna Bodrova said.

She added that the MOEX Russia index may fall to 2,400 if bears break though the 2,435–2,440 support range and that ex-dividend dates of some stocks add pressure to the benchmark.

Olma senior analyst Anton Startsev said that the RTS index is likely to consolidate within a 1,150–1,170 range due to a neutral foreign background.

Investors in Russia are also likely to follow a slew of operating results releases for July–September from raw diamond mining giant ALROSA, meat producer Cherkizovo Group and realty developer Etalon.

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