Russian stocks may further rise on foreign positivity
MOSCOW, Feb 1 (PRIME) -- The Russian stock market may open with an increase on Tuesday, supported by a short positive trend on foreign platforms, analysts said.
“This morning, global markets are still dominated by the buy-trend. Leading Asian indices are gaining up to 1.9%. Futures on major US indices are correcting yesterday's gains, losing about 0.2%. The nearest Brent crude oil futures are tightening by 0.4%, trading around U.S. $89.6 per barrel,” Bogdan Zvarich of Banki.ru said.
As Zvarich said, the Russian stock market is likely to be dominated by purchases, which will allow the MOEX Russia Index to make another attempt to go above 3,550 points.
At the same time, according to Alor Broker’s Alexei Antonov, “sanctions hysteria is heating up again.” Today’s Lavrov–Blinken talks are going to influence the trading pattern greatly, and later in the week the upward trend in the Russian market may come to an end on investors’ flight from risks.
“Geopolitical warming is needed for a continuation of confident growth. At the same time, the Russian indices will be restrained from decline to the minimum by steadily high oil prices,” Vasily Karpunin of BCS Investment Group said.
“We expect the main trading session to open with an increase within the limits from 1% to 2% on the MOEX Russia Index, in the range of 3,565–3,600 points,” Algo Capital’s analytical team headed by Vitaly Manzhos said.
After opening with a quite strong increment the index is highly likely to pass to the consolidation state. The local stock market would need new positive stimulus for a confident continuation of intraday increase. It is not excluded that it will get support from oil futures, Manzhos said.
The positive trading dynamics during today’s morning session may also add to the market’s positivity, Manzhos said.