Russian stocks may open flat as Christmas, New Year approach

MOSCOW, Dec 24 (PRIME) -- The Russian stock market may open flat and consolidate during the day on Tuesday as global activity will gradually decrease ahead of the Christmas and New Year holidays, analysts said.

“The Russian stock market is finishing the year at record highs… Investor activity will decline on the global markets starting from today, and the MOEX Russia Index is to consolidate near the current level,” Promsvyazbank senior analyst Mikhail Poddubsky said.

Global market is demonstrating optimism ahead of the upcoming Christmas holidays, he also said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, agreed that the MOEX Russia Index is likely to open with marginal changes of 0.1–0.3% and consolidate later in the day.

Alor Broker analyst Alexei Antonov said that gas giant Gazprom is under pressure on the news the U.S. President Donald Trump had signed a defense budget envisaging spending on counteraction against Russia in various areas including sanctions against the Nord Stream-2 natural gas pipeline to Europe.

Investors will also follow decisions of Gazprom’s board of directors on dividend policy, investment and budget in 2020, as well as decisions of hydropower giant RusHydro’s board on the company’s business plan and investment program in 2020–2024 among other corporate events.

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