Russian stocks to mirror investors’ wariness, uncertain backdrop

MOSCOW, Jun 26 (PRIME) -- The Russian stock market can demonstrate any dynamics on Monday following political events that Russia saw at the weekend, analysts said.

“The direction of the Russian stock market at the opening following the events that happened at the weekend is unknown… There are risks of a fall of the MOEX Russia Index to 2,745. The bounceback will show whether the correction is to continue or the decrease is to be offset,” BitRiver financial analyst Vladislav Antonov said.

Political and economic events both in Russia and at the global level influence the currencies and crude prices. Investors should continue monitoring the news, he said

Considering low oil prices and a deficit of the Russian budget, the trend of the ruble weakening will persist, he added.

Promsvyazbank analysts expect the MOEX Russia Index to return to above 2,780 at the beginning of the trading session considering normalization of the political situation, but are cautious about the nearest future of the market.

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