Russian stocks to open higher, consolidate later on mixed environ

MOSCOW, May 28 (PRIME) -- The Russian stock market can open higher and consolidate during the day on Thursday thanks to a mixed external environment, analysts said.

“The U.S. indices futures are demonstrating a weak rise in the morning so the Russian stock market may open with a 1% upward gap. However, the MOEX Russia Index (may repeat) previous days’ dynamics with a positive opening and a gradual decrease during the day. The domestic market is very weak fundamentally,” Alor Broker analyst Alexei Antonov said.

Ferrous metals producers may outperform the market encouraged by the falling ruble, he added.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, also said that the domestic benchmarks are likely to open moderately higher and consolidate later in the day thanks to a controversial external background.

Olma senior analyst Anton Startsev said that the RTS index will likely consolidate near the 1,200 mark.

Russian traders may also follow IFRS financial results for January–March, which are to be released by oil company Gazprom Neft, and truck producer Kamaz’s decision on dividends for 2019.

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