Source Pravda.Ru

Analysts foresee downward trend on stock market

Russian stocks will likely inch lower after yesterday's gains, analysts believe. US benchmarks closed in red and Russian ADRs closed lower on foreign exchanges than on the RTS exchange, both factors are negative, analysts believe. On the other hand, the highest ever oil prices and other news might back Russian securities.

Traders foresee the RTS index rebounding to the 630-point level in the short-term. But the volatility is high on the stock market and therefore, risks are hampering the RTS index. Any negative news might provoke the RTS index's retreat to the 600-point level.

The RTS index closed 3.25 percent higher at 616.24 point yesterday. Blue chips added 2.3-4.6 percent on the RTS exchange, as RAO UES and Rostelecom led the gains adding 7 and 6.4 percent.