Russian stocks seen opening flat on uncertain foreign background

MOSCOW, Oct 26 (PRIME) -- The Russian stock market is unlikely to move significantly at the opening on Wednesday in light of a mixed foreign backdrop, analysts said.

“We expect the Russian stock market to start trading with marginal changes of below 1% of the MOEX Russia Index within the range of 2,110–2,150… But during the day, the market can demonstrate significant mixed fluctuations,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The external background is uncertain with the main U.S. indices futures falling by up to 2%, the Brent oil price losing 0.8%, and the Asian markets rising by 0.8%, he added.

BitRiver financial analyst Vladislav Antonov expects the MOEX Russia index to continue growth into the resistance area of 2,150–2,220.

He also expects strengthening of the ruble against foreign currencies ahead of the exporters’ tax payment date scheduled for Friday.

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