MOSCOW, Sep 17 (PRIME) -- Russian stocks are likely to consolidate at the opening on Tuesday in light of a worsening background on the global stock exchanges, but strong crude prices, analysts said.
“A sharp rise in oil prices created favorable environment for the MOEX Russia Index, in which there are around 50% of energy companies, so we expect the benchmark to consolidate in the upper half of the 2,800–2,850 range and may test the upper limit,” Promsvyazbank senior analyst Mikhail Poddubsky said.
Olma senior analyst Anton Startsev said that uncertainty about Saudi Arabia’s ability to recover production following drones attacks supports crude prices, however, risk appetite of global investors falls thanks to strengthening geopolitical risks.
The RTS index may stop growing to consolidate near the psychologically important 1,400 mark at the beginning of the trade session, Startsev also said.
Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open with marginal changes of 0.1–0.3% within the 2,825–2,840 range and to consolidate later in the day.
The external environment is seen as moderately negative, he added.
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