MOSCOW, Aug 25 (PRIME) -- The Russian stock market may edge down at the opening on Wednesday to mirror correction of crude prices, but it is demonstrating signals to short-term growth to August’s highs, analysts said.
“We expect the Russian stock market to open slightly negatively due to decreasing crude prices, whose breakthrough from the downward band of U.S. $65–74 per barrel for the Brent oil price is delayed,” Andrei Vernikov, head of investment analysis department of Investment Group Univer, said.
Veles Broker analyst Yelena Kozhukhova agreed that the MOEX Russia Index and the RTS can fall insignificantly at the beginning of the trading session as they are pressured by crude prices deflation.
The nearest Brent and WTI futures are seen around 0.5% lower in the morning in correction after a 3% previous rise, she added.
Kozhukhova also said that the Russian market is still demonstrating signals to short-term growth to the peaks of 3,949 and 1,695 seen earlier in August.
The market will also be driven by releases of IFRS financial reports for April–June by largest children goods retailer Detsky Mir, Bank Saint Petersburg, and oil and gas pipe maker TMK.
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