Russian stocks to bounce back from previous losses at opening

MOSCOW, Oct 12 (PRIME) -- The Russian stock market is likely to gap up at opening on Friday to counter the previous overreaction to negative external drivers, analysts said.

“We expect the MOEX Russia Index to open with a significant upward gap of around 1% close to 2,390… to price in in the first minutes of trade the material improvement of the external background. Later, the benchmark will likely restore to the next important mark of 2,400,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

He added that the domestic market has a good technical potential for positive closing on the back of a corrective rebound.

Olma senior analyst Anton Startsev also expects the RTS index to bounce back at opening following Thursday’s overreaction to negative external triggers.

Manzhos said the global background looks positive with the major U.S. indices futures and the Brent oil price seen around 1% higher and Asian markets trading mixed.

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