Russian stocks may grow on positive foreign background, strong oil

MOSCOW, Nov 22 (PRIME) -- The Russian stock market is likely to open flat on Wednesday, and try to reach recent highs due to positive global environment and a crude price bounce back, analysts said.

“We expect the MICEX to open (flat) at around 2,155 and believe the index may try to return to local record highs reached in the first half of November due to favorable external conditions,” Oleg Shagov, head of investment company Solid research department, said.

The key U.S. indices futures and Asian stock exchanges are trading higher, and the European pre-market trading points to a higher start of trade.

Olma senior analyst Anton Startsev said that the RTS index may continue an upward trend in line with crude prices. The Brent oil price rose to around $63 per barrel after the American Petroleum Institute (API) had reported a fall in the U.S. stocks of the commodity.

Fertilizer producer PhosAgro is expected to publish IFRS report for January–September and July–September and this may also influence the Russian market.

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