Russian stocks may consolidate led by controversial drivers
MOSCOW, May 16 (PRIME) -- The Russian stock market may consolidate on Thursday due to controversial domestic and external drivers, analysts said.
УWe expect the MOEX Russia Index to move insignificantly, within 0.3% in the 2,550Ц2,565 range, at the openingЕ The benchmark will be pressured by a downward correction of the Gazprom stock during the day,Ф Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.
Gazprom added almost 20% in the two past trading sessions on the news about possible higher dividend payments for 2018.
Olma senior analyst Anton Startsev said the RTS index may stop rising at around 1,250 due to technical analysis reasons.
Demand for energy stocks may persist thanks to crude strengthening after the U.S. Department of Energy reported a steep drop in gasoline inventories, Startsev added. The Brent oil price is seen consolidating around $72 per barrel.
Investors will also follow publication of International Financial Reporting Standards (IFRS) financial results for JanuaryЦMarch by power holding Inter RAO, fertilizer producer PhosAgro and meet producer Cherkizovo among other corporate events.