Russian stocks may edge up at opening due to favorable background

MOSCOW, Feb 19 (PRIME) -- The Russian stock market may open higher and consolidate later in the day on Monday amid stronger oil prices but weak investor activity thanks to celebrations in the U.S, China and Hong Kong.

“We expect the MICEX to open higher at around 2,260 and believe the benchmark may resume its upward trend if the global environment remains positive,” Oleg Shagov, head of investment company Solid’s research department, said.

Olma senior analyst Anton Startsev said that the Russian indices are likely to consolidate amid lower investor activity due to President’s Day holidays in the United States and Lunar New Year celebration in China and Hong Kong.

Shagov said that the Brent oil price is seen consolidating higher at around U.S. $65.4 per barrel on the news that OPEC, Russia and their partners plan to maintain cooperation after an OPEC+ oil cut agreement is discontinued.

Investors will also follow publication of IFRS financial report for 2017 by agricultural holding Rusagro, results of auctions on ALROSA’s gas assets and a decision of Sovcomflot’s board of directors on a share issue among other corporate events

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