Russian stocks may edge up on firm oil, neutral background

MOSCOW, Dec 22 (PRIME) -- The Russian stock market is likely to open slightly higher and try to win back previous losses in thin trading on Friday backed by consolidating crude prices and modestly positive dynamics of global floors, analysts said.

“(The MOEX Russia Index) may try to claw back previous losses following five consecutive days of decline. Investor activity is likely to be low ahead of ‘long’ holidays in Europe and the U.S. linked with the Catholic Chrisman celebration,” Oleg Shagov, head of investment company Solid’s research department, said.

He added that the MOEX Russia Index may open slightly higher at around 2,095.

Olma senior analyst Anton Startsev said that there are no enough reasons for the RTS index to resume stable growth, although the market may be supported by the Brent oil price, which has almost reached a $65 per barrel mark.

Shagov said that the global environment looks neutral with the key U.S. benchmarks futures and Asian markets demonstrating modestly positive dynamics.

Russian traders may also follow local corporate events. Gazprom Neft’s board is to discuss a 2018 investment program, power grid company Rosseti’s board will consider a dividend policy and the 2018 budget, and metals maker NLMK plans to hold a general meeting of shareholders to approve dividends for July-September.

End