Russia’s MICEX seen flat, RTS rising as oil price stabilizes

MOSCOW, Nov 9 (PRIME) -- Russia’s MICEX stock market index will consolidate at the current levels at Monday opening, while the RTS may correct upwards because oil prices have stabilized, analysts said.

“The MICEX correction which began at the end of last week can continue in the form of consolidation close to the current levels,” Oleg Shagov, head of the research department at investment company Solid, said.

The downward correction of the RTS seen last week will come to a halt on Monday because of the oil price stabilization, Olma senior analyst Anton Startsev said. Brent rose 0.95% to U.S. $47.87 per barrel at 9:22 a.m., Moscow time.

Strong U.S. labor market data on November 6 triggered increased expectations, now standing at 70%, that the U.S. Federal Reserve System will raise the key rate in December, which will limit the Russian market growth in the nearest future, Startsev said.

End