Russian stocks may open flat ahead of New Year holidays

MOSCOW, Dec 28 (PRIME) -- The Russian stock market may open flat on Thursday, as the rising ruble retains purchases ahead of the New Year holidays, analysts said.

“The technical picture is still favorable for a breakthrough to 3,140, but the strengthening of the ruble against the dollar restrains the activity of buyers before the New Year holidays,” BitRiver financial analyst Vladislav Antonov said.

Investors do not want to open new positions, as there are two trading days left until the end of the year, he added.

“The MOEX Russia Index closed yesterday almost unchanged. Thus, the indicator picture does not change – consolidation around 3,100 points continues. We do not expect any fundamental changes today,” Alexei Antonov, head of Alor Broker’s investment consulting department, said.

The market may slightly decline due to the cheapening oil, which failed to gain above U.S. $80 per barrel, and today in the morning it is getting cheaper by 1.5%, the analyst also said.

Cifra Broker said in a research note that the external background for the Russian market is moderately positive – the Chinese index Shanghai Composite gained 1.3%, even though the Japanese index Nikkei 225 fell 0.4%, the analysts said.

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