Russian stocks to open flat, rise later on key rate hopes

MOSCOW, Jun 10 (PRIME) -- The Russian stock market can demonstrate only slight movement at the beginning of the trading session on Friday, but purchases may prevail later in the day thanks to strong crude prices and a possible key rate lowering, analysts said.

“We expect the Russian stock market’s main trading session to open with changes of up to 1% of the MOEX Russia Index, within the 2,270–2,320 range,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

“An uncertain foreign background creates conditions for the benchmark to open with marginal changes. The index is highly likely to consolidate later in the day waiting for the central bank’s key rate decision,” he added.

The core U.S. indices futures and Asian markets are trading mixed, and the Brent oil price has deflated by 0.4%, Manzhos added.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said that the Russian stock market can see purchases on Friday, and the MOEX Russia Index can reach 2,300–2,350 despite a worsening foreign environment thanks to high crude prices and a possible decrease of the key rate by the central bank.

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