Russian stocks may edge up on lack of negative drivers

MOSCOW, Feb 20 (PRIME) -- The Russian stock market may edge up at the opening and consolidate later in the day on Wednesday amid an uncertain external background with no clear negative drivers, analysts said.

“The Russian stock market is still under moderate pressure… the current news background provides no evident drivers for a further downward correction. Our basic scenario sees the MOEX Russia index returning to the middle of the 2,450–2,500 range,” Promsvyazbank analyst Mikhail Poddubsky said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the benchmark to open around 0.3% higher at 2,465 and to consolidate later in the day.

Olma senior analyst Anton Startsev said that the RTS index is likely to consolidate due to lower investor activity ahead of the publication of the Federal Open Market Committee (FOMC)’s minutes.

The global environment looks mixed with the U.S. indices futures losing around 0.1% and Asian markets seen in the green territory.

Local investors will also track news from President Vladimir Putin’s annual address to the Federal Assembly.

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