Russian stocks can pare losses as oil price, foreign floors recover

MOSCOW, May 19 (PRIME) -- The Russian stock market will likely open with a small positive gap on Friday because of a recovery of both oil prices and foreign stock markets, analysts said.

“Markets have apparently started to adapt to the situation as of the morning, Friday, May 19. Today, Russian benchmarks will possibly try to consolidate at the level reached yesterday, furthermore the Brent oil price rose to U.S. $52.5 per barrel and can significantly help the Russian market,” Anastasia Sosnova, a leading analyst of Bank Rossiysky Capital, said.

On Thursday, investors’ concerns over deepening political issues in the U.S. sunk the market indices worldwide.

Oleg Shagov, head of investment company Solid’s research department, said that foreign markets dynamics is positive, which will most probably trigger a recovery on the Russian stock market as well.

The MICEX will likely open with a positive gap, at about 1,970 after closing at 1,967.66 on Thursday, he said.

Speeches by executives of Sberbank, VTB and Gazprom will be milestone events for investors, Shagov said.

End