Russian stocks can rise amid favorable energy market environment

MOSCOW, Aug 8 (PRIME) -- Russian stocks can edge up at the opening on Tuesday thanks to a favorable environment on the energy market with the Brent oil price trading near U.S. $86 per barrel, analysts said.

“We expect moderate purchases in Russian shares at the beginning of the trading session thanks to the situation on the energy market. Although investors were taking profit from long positions in the past few trading sessions, the MOEX Russia Index managed to consolidate above 3,075,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

In case the level is broken through, the market can correct downwards to the range of 2,900–3,000, he added.

Zvarich sees the external environment as modestly negative with the main Asian bourses losing up to 1.5% except for South Korea that is adding 1.2%, the core U.S. indices futures consolidating at the levels of their previous closing after a fall on Monday, and the Brent oil price trading not far from $86 per barrel.

Alexei Golovinov, chief analyst at PSB Bank, expects the MOEX Russia Index to consolidate within the range of 3,080–3,150 during the day adding that top bank Sberbank’s financial report for July can support the local market.

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