Russian stocks to move uncertainly on mixed global background

MOSCOW, Aug 29 (PRIME) -- The Russian stock market can begin the day with marginal changes of up to 1% and consolidate later in the day on Monday amid a mixed external environment, analysts said.

“We expect the Russian stock market to open with changes of up to 1% of the MOEX Russia Index, within the range of 2,245–2,290… A mixed foreign background creates conditions for the MOEX Russia Index to open with marginal changes, it can turn to volatile consolidation later in the day,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The U.S. futures are falling by around 0.6–1.2%, the Brent oil price has added 1%, gold has inflated 0.8%, and Asian markets are trading mixed, he added.

Alor Broker analyst Alexei Antonov said that gas prices hit a record high of over U.S. $3,500 per last week, and European fertilizers and steel producers will inevitably reduce production, which will result in a rise in Russia steel and fertilizers stocks.

Russian ferrous metals products are likely to finish a downward cycle and can soon turn to growth, he added.

Russian traders will also follow January–June financial results releases by multi-industry holding Sistema, hydropower giant RusHydro and power utility Rosseti Lenenergo on Monday.

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