Russian stocks can edge up at opening on US stock market increase

MOSCOW, May 14 (PRIME) -- The Russian stock market will likely add a little at the opening on Friday thanks to resuming growth of the U.S. stock market, analysts said.

"It is surprising how fast traders forgot about inflation fears and rushed to buy securities that sagged on Wednesday. The American indices added about half a percent yesterday. We looked somewhat weaker on the main session but the MOEX Russia index will price in yesterday's growth and a 0.5% rise of the American futures," Alor Broker senior analyst Alexei Antonov said.

He said that falling of the majority of natural resources is a little worrying but the background for the Russian market is mostly favorable. The MOEX Russia Index can even test a 3,720 resistance zone though not on Friday.

Otkritie Broker analyst Andrei Kochetkov said that the Russian metals and mining sector can be under pressure after China said it is to check operations of metals producers for price manipulation.

The oil prices declined on expectations of weak demand in Asia, including India, where the coronavirus crisis still rages, he said.

End