Russian stocks can rise on strong crude despite foreign pessimism

MOSCOW, Aug 25 (PRIME) -- The Russian stock market can open higher on Friday and continue to recover later in the day amid a negative foreign background, but rising oil prices, analysts said.

“We expect purchases of Russian shares to prevail at the start of the trading session. Despite negative sentiments on external platforms, our market can try to continue the wave of recovery that was demonstrated in the second half of the day yesterday,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

The market can recoup Thursday’s losses, and the MOEX Russia Index can reach the range of 3,150–3,200, he added.

Zvarich said that the global sentiments are seen as negative with the main Asian bourses losing up to 2% and Japan as the major outsider, and the core U.S. indices futures consolidating at the level of Thursday’s closing after a significant fall previously.

At the same time, the Brent oil futures are rising by 0.6% to U.S. $83.8 per barrel, he added.

Alexei Golovinov, chief analyst at PSB Bank, expects the MOEX Russia Index to be trading around 3,150 during the day with exporters demonstrating the best performance.

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