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Russian stocks can grow on US futures rise, new govt optimism

MOSCOW, Jan 17 (PRIME) -- The Russian stock market will likely grow at the opening on Friday on the back of an increase of U.S. futures on Thursday evening and optimism over the Russian government change, analysts said.

УThe Russian stock market rally continues -- the MOEX Russia Index rose by almost 0.8% yesterday. Norilsk Nickel was the gain leader among the blue chips, rising 2.5%. The paper will again open with an upward gap today and will try to consolidate above 21,000 rubles,Ф Alor BrokerТs analyst Alexei Antonov said.

УIn general, we expect that the Russian market will reflect the good growth of the American floors in the evening and will open with a 0.3% upward gap.Ф

Georgy Vashchenko, head of the department for trade operations on the Russian stock market at investment company Freedom Finance, said that the Russian investors are becoming increasingly optimistic about the government change.

УThe statement about support of the digital economy projects and the need of easing regulations for business were the main news yesterday morning,Ф he said. УAt that, the economic block of the government, where the major changes can take place, has not been formed. A refusal by the head of the government to raise the income tax was an important thesis, but extension of the taxation base is not ruled out.Ф

Vashchenko said that IT companies and banks with ecosystems might lead the Russian market soon, but the market will shrug off the appointment of ministers.

According to Antonov, exporters have benefited from a starting downward correction of the ruble amid increased purchases of foreign currencies by the Finance Ministry. The falling might also be caused by a possibility of an intentional sagging of the national currency so the government finds money to fulfill the promises in the presidential address of Wednesday.

End

17.01.2020 09:27
 
 
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