Russian stocks may slightly correct downwards on fading optimism

MOSCOW, Nov 12 (PRIME) -- The Russian stock market may consolidate during the day and slightly correct on Thursday in light of fading global optimism about the recent anti-coronavirus vaccine tests, and following crude prices rebounding downwards from previous levels, analysts said.

“We expect consolidation (on the Russian stock market) with the MOEX Russia Index trading within a 2,980–3,020 range,” Georgy Vashchenko, head of investment company Freedom Finance’s department for trade operations on the Russian stock market said.

Alor Broker analyst Alexei Antonov said that the U.S. indices futures are seen around 0.5% lower ahead of the Russian stock market’s opening, while the Brent oil price corrected down to around U.S. $45 per barrel.

The external environment creates prerequisites for slight correction on the domestic market, which is technically overbought, he added.

Olma senior analyst Anton Startsev expects consolidation of the RTS index in the short term as the global markets’ upward dynamics suspended on persisting coronavirus pandemic risks. But expectations of revision of the OPEC+ oil production cut deal support crude prices and domestic energy shares, he said.

Investors in Russia are also likely to follow a slew of IFRS financial results releases for July–September by diamond mining giant ALROSA, precious metals producer Polyus and TCS Group, which includes Tinkoff Bank.

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