Russian stocks may fall on correction, negative backdrop

MOSCOW, Sep 21 (PRIME) -- The Russian stock market is likely to decline at opening on Thursday on correction and unfavorable global background, analysts said.

“The MOEX Russia Index fell to the key support of 3,013. It held during the first decline. It is unlikely to hold during the second wave. If within two trading days the index value will not fix above 3,115. Then we are expecting a correction to 2,915, which is an intermediate target,” BitRiver financial analyst Vladislav Antonov said.

Since the ruble did not have time to react to the strengthening of the dollar, the dollar–ruble pair grew on the exchange, the analyst also said.

“Oil decline and dollar strengthening will push the rate to the upper boundary. Support is provided by exporters and the central bank selling currency. Taking into account the remaining geopolitical risks, the level of 98.50 rubles per dollar may be tested again,” he continued.

Cifra Broker analysts said that the mood on global markets is negative, and the Russian market may continue to decline.

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