Russian stocks may grow slightly thanks to stronger crude

MOSCOW, Oct 9 (PRIME) -- The Russian stock market may consolidate or rise slightly on Tuesday backed by strengthening crude and amid a mixed foreign background, analysts said.

“The Russian stock market has chances for a slight growth on Tuesday despite some negative signals from the global exchanges as oil prices have resumed increasing,” Forex Club analyst Ivan Marchena said.

Promsvyazbank analyst Mikhail Poddubsky said that the MOEX Russia Index is likely to consolidate within a 2,330–2,380 range in the next days with the external background including the crude price dynamics and the risk to appetite ratio to remain the core drivers for local stocks.

Olma senior analyst Anton Startsev said that some softening of the global environment including a bounce-back in the Brent oil price up to U.S. $84.3 per barrel are the reasons for a pause in the RTS index’s downward trend.

Poddubsky said that the major Asian stock indices are seen mixed.

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