Russian stocks may rise on positive background, easing correction

MOSCOW, Sep 21 (PRIME) -- The Russian stock market may rise at the opening on Tuesday thanks to a positive global backdrop and easing correction sentiment, analysts said.

“The external backdrop this morning favors the growth of the stock market. U.S. futures are up more than 0.5%, with oil adding almost 0.8%. Speculators cover shorts ahead of tomorrow’s U.S. Fed meeting,” Alexei Antonov of Alor Broker said.

However, it might as well just be a short rebound from the recent correction trend, Antonov said.

“Taking into account the weighty morning increase in the price of oil futures and contracts on the U.S. stock indices, the state of the external background before the beginning of trading in Russia can be characterized as positive,” Vitaly Manzhos of Algo Capital said.

“We characterize the current state of the markets as wait-and-see, the risks of strengthening correction sentiment after tomorrow’s announcement of the results of the Fed meeting look high,” Yevgeny Loktyukhov of PSB Bank said.

As for the metals market, which has been falling lately due to the poor dynamics in the Chinese construction sector, “The market’s fears are exaggerated. Long-term Chinese demand for metals is not going anywhere as well,” Artyom Tuzov of Univer Capital said.

Manzhos said he expects the Moscow Exchange Index to open with an increase of 0.1–0.4%, in the range of 3,975–3,985 points.

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