Russian stocks can grow as oil remains at $52, foreign markets rise

MOSCOW, Aug 7 (PRIME) -- The Russian stock market is likely to increase at the opening on Monday as the Brent oil price remains at about U.S. $52 per barrel, and foreign markets are growing, analysts said.

“A certain increase is possible today at the start of the trading session: strong U.S. labor market data have favored an ease of concerns over the economic uncertainty and have become a factor of improvement of the situation on global stock exchanges,” investment company Olma’s senior analyst Anton Startsev said.

Oleg Shagov, head of investment company Solid’s research department, said that the background for the start of the Russian trading session is moderately positive as Brent futures are close to $52.2 per barrel ahead of a meeting of the OPEC production deal compliance committee.

U.S. stock market futures and the key Asian markets are mostly rising, and the premarket of the European session signals an increase at the trading start later in the day.

Shagov said that the MICEX can open at about 1,955 and close a downward gap of August 4 if the background continues to be favorable. Startsev said that a recently seen oil price rise can come to a halt and in this case, the RTS is unlikely to leave its consolidation range.

Sberbank will release a non-consolidated financial report for January–July, which, according to Shagov, is expected to be the most important corporate event.

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