Russian stocks may rise at opening on favorable backdrop

MOSCOW, Nov 2 (PRIME) -- The Russian stock market may increase at opening on Thursday amid positive sentiments on global markets after the U.S. Federal Reserve System (Fed) meeting, analysts said.

“Today at the start of trading we expect a moderate predominance of purchases, which is supported by a positive external background,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

Russian market continues ignoring the deteriorating situation in the energy market, the analyst said. However, in the future this factor may put pressure on our market and lead to the activation of correctional sentiments, he added.

Global markets positively perceived the maintaining of the rate by the U.S. Fed and the signals received in the comments on the results of the meeting, which provoked a wave of purchases in risk assets last night, Zvarich also said.

“Buyers are on the edge of the abyss. If the support does not hold, the fall in prices of shares included in the index will accelerate. The longer the MOEX Russia Index trades above 3,191, the higher the probability of exceeding the level of 3,290,” BitRiver financial analyst Vladislav Antonov said.

The Russian stock market continues to consolidate with a decrease in trading turnover, Alor Broker analyst Alexei Antonov said.

The technical picture on the MOEX Russia Index remains moderately negative, the daily chart clearly shows the emergence of a double top pattern with peaks on September 5 and October 23, he also said.

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