Russian stocks may grow as foreign background improves

MOSCOW, Jul 13 (PRIME) -- Russian stocks may increase at the opening on Thursday supported by the improvement of the foreign background, analysts said.

“We expect the Russian stock market to open at around 1,955 points at the MICEX index, assuming that amid a positive foreign background this stock indicator can continue growth, however, risks of correction to the current wave of growth will increase ahead of the upcoming holidays,” Oleg Shagov, head of investment company Solid’s research department, said. On Wednesday, the MICEX closed at 1,954.39.

Olma senior analyst Anton Startsev said, “The outlined growth trend on the Russian stock market can continue at the start of trading today thanks to the improvement of the foreign background – the behavior of traders on the global stock floors became more optimistic after a speech of (the U.S. Federal Reserve’s Chairwoman) Janet Yellen, which gave grounds for the improvement of estimates of the state of economy and easing expectations concerning the Federal Reserve’s monetary policy.”

The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately positive today, Shagov said.

Brent oil futures are fluctuating around U.S. $47.8 per barrel on mixed oil statistics data, which pointed to a reduction of reserves and growth of oil production.

The leading U.S. stock index futures are slightly increasing and main Asian stock indicators are growing.

The central bank’s Chairwoman Elvira Nabiullina will speak at the International Financial Congress in St. Petersburg, which can affect investor moods, the analyst said.

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