Russian stocks may edge up in correction on ease of global wariness

MOSCOW, Aug 6 (PRIME) -- The Russian stock market may correct upwards on Tuesday following two consecutive sessions of losses thanks to weakening pressure of global trade wars and recovering crude, analysts said.

“We expect the MOEX Russia Index to open 0.2–0.3% higher at around 2,655… The index may continue the correction movement to 2,670 to manifest a technical rebound after a two-day decline,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The external background looks mixed, and crude prices are rising, he added.

Olma senior analyst Anton Startsev said that trade wars continue pressuring emerging markets, but the RTS index may stop correcting down in light of China’s actions to cease the fall of the yuan.

Russian traders will also follow financial results for April–June and January–June released by gold producer Polyus and power company TGC-1.

End