Russian stocks can edge up at opening on stronger crude prices

MOSCOW, Dec 27 (PRIME) -- The Russian stock market can open higher on Wednesday thanks to rising global appetites for risk and encouraging dynamics of oil prices, but profit taking can be seen later in the day ahead of the lengthy New Year holidays, analysts said.

“More active purchases in Russian shares are possible at the start of the trading session today amid global investors’ better appetite for risk and the attempts of the Brent oil futures to consolidate within the U.S. $80–85 per barrel range,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

However, the activity gradually decreases so the MOEX Russia Index is unlikely to demonstrate confident growth, but can only try to recoup the previous day’s losses and to consolidate above the 3,100 mark, he added.

Zvarich said that the global market sentiments look moderately positive with the main Asian markets adding up to 1.3%, the core U.S. indices futures consolidating at the level of their previous closing, and the nearest Brent oil futures losing 0.1% to $80.8 per barrel.

BitRiver financial analyst Vladislav Antonov said investors may be interested in profit taking ahead on the lengthy New Year holidays, which can drive the Russian market to a steeper fall.

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