Russian stocks may open mixed as ruble falls

MOSCOW, Jan 31 (PRIME) -- The Russian stock market is likely to start Tuesday’s trade mixed with the ruble-denominated MOEX Russia Index rising and the dollar-denominated RTS Index falling because of the continuing weakening of the ruble, analysts said.

“As the ruble weakens further against the U.S. dollar, the MOEX Russia Index will continue climbing to the level of 2,230,” Vladislav Antonov, financial analyst at BitRiver, said.

Georgy Vashchenko, deputy director of Freedom Finance Global’s research department, also said that the Russian market may start the day with mixed dynamics as the background and the news flow remain calm. The guidance for the MOEX Russia Index is 2,200–2,220, he said.

But Alexei Antonov, head of Alor Broker’s investment consulting department, said that the Russian market is likely to stop growing as the external background had worsened.

“The background started worsening yesterday after the closure of the main trade session in Russia. The U.S. indices and the oil price fell, and their contraction continued today. The oil price lost about one third of a percentage point and is getting close to U.S. $84 per barrel. The external background will be the main obstacle for further growth of our stock market,” Antonov said.

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