Russian stocks to change moderately amid slightly negative environ

MOSCOW, Jul 6 (PRIME) -- The Russian stock market can open neutrally and try to rise during the day on Wednesday amid a modestly negative foreign environment with a recent significant fall in crude prices, analysts said.

“The Russian stock market can try to continue recovery to above 2,240. Consolidation over the mark can signal about a possibility of correction growth into the area of 2,280–3,000. A fall in crude price will become a restraining factor and can pressure the energy stocks,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

The global environment is moderately negative, he added. Asian bourses are losing up to 1.7% with India rising by 0.7% as the only exclusion. The main U.S. indices futures are consolidating slightly below the level of Tuesday’s closing.

The Brent oil price has corrected upwards by 0.8% to U.S. $103.6 per barrel after a steep slide previously, Zvarich also said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the MOEX Russia Index to open with changes of up to 1% and correct upwards to 2,250 later in the day.

Head of PSB Bank’s analysis group Vladimir Solovyov said the weakened ruble can support the shares of the export companies.

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