Russian stocks may grow on Tuesday thanks to stable oil prices

MOSCOW, Apr 18 (PRIME) -- Russian stocks are likely to open higher on Tuesday as the oil price stabilized above a U.S. $55 per barrel mark, analysts said.

Oleg Shagov, head of investment company Solid’s research department, said futures for U.S. stock indices are changing insignificantly after rising on Monday, and major Asian bourses show mostly positive dynamics.

“We expect the Russian stock market to open close to 1,945 of the MICEX index today, and suppose that the stock indicator may continue the Monday rebound and rise above 1,950 later in the day due to improvements in the external background,” Shagov said.

Vasily Koposov, head of the financial markets department at KIT Finance Broker, also said that the market may continue to grow moderately at the beginning of the day. “The positive dynamics of Asian floors and oil above $55 favor this scenario. In addition to that, European bourses are to open after Easter holidays today, and they may also start the week with an increase,” Koposov said.

But Bogdan Zvarich, an analyst at investment company Finam, said that the market may open flat as the oil price failed to hold above $55.5 per barrel since Monday’s closure of Russian stocks, but the situation at external bourses will support purchases.

“Later in the day, a rise on the energy market may restart at bulls may take initiative prior to the release of the American Petroleum Institute’s data on reserves of oil and oil products,” Zvarich said, adding that investors will also focus on U.S. macro statistics, including housing market and industrial output data.

Shagov also said that among local corporate news that may provide an impact on some shares are releases of operating results of Magnitogorsk Iron and Steel Works (MMK) and electronic goods retailer M.Video, and a decision of the board of directors of oil company Surgutneftegas on an annual general meeting of the shareholders.

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