Russian stocks can edge up to follow previous foreign dynamics

MOSCOW, Jul 12 (PRIME) -- The Russian stock market may open near the previous closing on Monday, and may try to edge up at the beginning of the trading session following oversea growth seen on July 9 although there are no internal reasons for a further advance, analysts said.

“Considering oversea growth seen on July 9, (the Russian stock market) is likely to open near the previous closing, but if the external background continues to worsen, sales in local stocks are possible,” Alor Broker analyst Alexei Antonov said.

Antonov added that the current foreign environment looks “red” with the U.S. indices futures losing around 0.2%, and crude prices, industrial and precious metals deflating.

Otkritie Broker analyst Andrei Kochetkov said that the Brent oil price is trading above U.S. $75 per barrel yet, but investors are still worried about a possible termination of the OPEC+ oil production cut agreement.

Kochetkov also said that the Russian market can open higher, but there are no local reasons for further positive dynamics.

Investors in Russia will also follow publication of operating results for April–June by meat producer Cherkizovo Group among other corporate events.

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