Russian stocks can increase at opening as oil prices strengthen

MOSCOW, Dec 26 (PRIME) -- The Russian stock market may edge up slightly at the opening and consolidate later on Thursday thanks to strengthening crude prices and a positive environment on the global stock market, analysts said.

“One should not expect active trading today, the major global stock indices are demonstrating only a marginal growth and it is unlikely that anything is able to distress the tranquility,” investment company Finam analyst Alexei Korenev said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, said that the MOEX Russia Index is to open 0.1–0.3% higher at around 3,035 in light of a moderate improvement of the external background, and may consolidate later in the day.

Korenev said that the Brent oil price has broken through U.S. $67.4 per barrel encouraged by the news vacuum.

Alor Broker analyst Alexei Antonov agreed that the global environment is positive with the U.S. indices futures seen around 0.1% higher.

Russian traders will also follow decisions of the boards of directors of Chelyabinsk Pipe Plant, or ChelPipe, and integrated steel producer Magnitogorsk Iron and Steel Works (MMK), which will discuss dividends for January–September.

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