Russian stocks can grow slightly on global market optimism

MOSCOW, Sep 8 (PRIME) -- The Russian stock market will likely increase on Tuesday in the morning following a positive trend on global markets, analysts said.

"The technical analysis data give us no reason to (assume) that consolidation of the RTS Index will stop. At the same time, a statement by U.S. President Donald Trump on the plans to reduce economic ties with China can potentially trigger higher volatility on the stock markets in the short term," Olma senior analyst Anton Startsev said.

Senior analyst at Promsvyazbank Bogdan Zvarich said that the mood on foreign markets on Tuesday morning is moderately positive as the majority of Asian markets grew by up to 0.7% on the news about a rise of the Japanese gross domestic product (GDP) in April–June.

Alor Broker chief analyst Alexei Antonov said that the U.S. stock market futures firmed on Tuesday morning, the prices for industrial and precious metals grew. Oil could not rise from the U.S. $42 level but it will not impede a slight growth of the Russian market.

Zvarich said that as a result, the MOEX Russia Index will likely start the day in the green zone and after that will become neutral. Market activity is to grow in the evening. Trading on the U.S. market will resume after a holiday on Monday.

Zvarich forecasted the MOEX Russia Index to remain in the 2,900–2,950 range on Tuesday. 

Antonov said that a meeting between Russian President Vladimir Putin and his Belarusian counterpart Alexnder Lukashenko is to be in the focus of market attention. 

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