Russian stocks can rise as US postpones duties on Chinese goods

MOSCOW, Aug 14 (PRIME) -- The Russian stock market will likely increase at opening on Wednesday, following foreign markets and oil prices, which grew on the news that the U.S. will postpone duties on Chinese imports until mid-December, analysts said.

“The U.S. has postponed an attack in the trade war. The news that the U.S. delays introduction of duties on some Chinese goods encouraged the market, which was pessimistic on the back of a slide of Argentinian trading floors. The news did not return the lost capitalization but took the heat off the situation,” Georgy Vashchenko, head of investment company Freedom Finance’s department for trade operations on the Russian stock market, said.

Gennady Nikolayev, expert at the Academy of Management of Finance and Investment, said that the news about postponement of U.S. duties triggered an oil price jump to U.S. $61 per barrel on Tuesday in the afternoon. On Wednesday in the morning, oil eased to $60.77 per barrel as of 9:05 a.m.

Vashchenko said the Russian market can rise by up to 1% at opening and put the MOEX Russia Index guidance at 2,690–2,710.

Investment company Olma’s senior analyst Anton Startsev said that the RTS will likely continue an upward trend but is unlikely to finish consolidation close to 1,300.

End

.