Russian stocks to edge down on lack of support drivers

MOSCOW, Apr 12 (PRIME) -- The Russian stock market is likely to edge down on Tuesday due to a lack of support drivers, analysts said.

“We expect the MOEX Russia Index to open with changes of up to 2% within the range of 2,500–2,610… After the opening with mild changes, the benchmark can begin volatile consolidation,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

He added that sees no prerequisites for any determined movement.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich also expects the negative trend to persist and sees the first support line at the level of 2,500, and the next at 2,000–2,200.

Head of PSB Bank’s analysis group Vladimir Solovyov believes that the MOEX Russia Index can continue to correct downwards to below 2,500 due to a lack of short-term drivers.

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