Russian stocks to consolidate amid uncertain foreign background

MOSCOW, Dec 21 (PRIME) -- The Russian stock market is likely to consolidate during the day on low investor activity ahead of long winter holidays and amid a neutral global background, analysts said on Thursday.

“In the first half of the day activity on the stock market may stay low as investors are in no haste to revise their portfolios ahead of the end of the year,” Olma senior analyst Anton Startsev said.

Oleg Shagov, head of investment company Solid’s research department, said that the global environment is seen as neutral so the MOEX Russia Index may be expected to open slightly lower at 2,100. The benchmark will be pressured by ex-dividend gaps of oil companies Lukoil and Tatneft.

Investment company Nord Capital expects the Russian stock market to consolidate during the day amid uncertain external background and to follow oil price dynamics. The Brent oil price is correcting down after a rise to above $64.5 per barrel on positive U.S. crude inventories statistics.

Russian traders are also likely to follow results of an up-coming meeting between President Vladimir Putin and representatives of Russian business.

Investors may also be interested in decisions made by fertilizer producer Acron’s board of directors, which plans to discuss dividends from profit of previous years, and truck maker Kamaz’s board of director, which is to consider business plan for 2018.

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