Russian stocks likely to edge up backed by strengthening crude

MOSCOW, Sep 22 (PRIME) -- The Russian stock market can edge up at the opening on Wednesday thanks to rising crude prices and U.S. indices futures, analysts said.

“We expect the MOEX Russia Index to open 0.1–0.4% higher, within the range of 3,975–3,985… thanks to a significant rise of oil futures. The index can make another growth attempt to the important level of 4,000 later,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The main U.S. indices futures are increasing around 0.1–0.2%, the Brent oil price has added 1.1%, gold prices are seen flat, and Asian market are trading mixed, he also said, adding that the external environment looks uncertain.

Alor Broker analyst Alexei Antonov also sees the Russian stock market opening higher and increasing during the day.

He said that energy stocks including oil major Rosneft and gas giant Gazprom may perform better than the market, and expected a rise in the shares of top bank Sberbank.

End